$bbtitle
Apple Stock: 196.19 ( +2.07 )
RSS RSS Twitter Twitter
Search:
AppleInsider.com Archives News Bytes Reviews Anonymous Mailer Submit Story AppleInsider Forums Mac Prices Polls Advertise on AppleInsider Contact AppleInsider
Save over $268 on MacBook Pros and $150 on iMacs with special coupons: Mac Pricing Guide updated Feb. 9th (Find the best prices on Macs).
Friday, February 2, 2007

Gov't seeks more information from Apple on options mess

By AppleInsider Staff

Published: 11:00 AM EST

Apple said Thursday it has received an informal requests from the U.S. government to turn over documents and additional information related to its past stock options practices.

iPad hands-on preview
The request followed the company's own review of the matter, which turned up more than 6,400 option grants with inaccurate dates between the years of 1997 and 2002.

"The Company intends to continue full cooperation," Apple said in a regulatory filing with the Securities and Exchange Commission. "The resolution of these matters will be time consuming, expensive, and will distract management from the conduct of the Company’s business."

In December, Apple announced that it would incur an $84 million charge for the bulk of the fortuitously granted options. However, it maintained that a special committee of outside directors "found no misconduct by current management."

In its filing Thursday, the Cupertino-based company warned that adverse findings by authorities could result in additional damages or penalties, which could harm its business, financial condition, results of operations and cash flows.

According to news reports earlier this month, chief executive Steve Jobs was questioned on the matter in San Francisco by officials from both the Justice Department and the Securities and Exchange Commission.

The issue surrounding Jobs, which has been a focal point of investors, revolves around a misdated grant for 7.5 million options that was issued to him in 2001.

Apple has admitted that over the years Jobs was aware or recommended the selection of some favorable grant dates, but said he did not receive or financially benefit from any of those grants or appreciate the accounting implications.

35 Comments ] 
  Print ] [ Story Link ] 



Mac Poker players can play Full Tilt Poker for Mac and get 100% to $600 free with bonus code MP600, courtesy of Online Poker Mac
AppleInsider Features
Hot Forum Topics

Recent Articles
Parallels takes virtualization speed crown in head-to-head with VMware
Apple releases iPhone OS 3.2 SDK for iPad
Apple seen extending exclusive iPhone deal with AT&T
iTunes price increases mean slower sales for music labels
Apple introduces 64-bit Aperture 3 with Faces and Places
Apple's share of U.S. smartphone market grows to 25% - study
iPhone OS 3.1.3 sees 14% adoption in 6 days, new hack released
Amazon rethinking Kindle in the wake of Apple iPad
Purported 4th gen Apple iPhone parts show largely unchanged design
Execs say Apple could lower iPad price if market demands it - report
Consumers lose interest in iPad after Apple's unveiling - survey
Higher Amazon e-book prices expected to coincide with iPad launch
Inside Apple's iPad: VGA video output
Unannounced Core i7 Apple MacBook Pro surfaces in benchmarks logs
Apple's new beta of Mac OS X 10.6.3 includes few changes
One in five physicians likely to purchase Apple iPad - study
Sling Media says it didn't change iPhone SlingPlayer to appease AT&T
Credit Suisse: 75% chance AT&T keeps iPhone exclusivity in 2010
Apple denying iPhone apps that use location framework for targeted ads
Apple's iPad deal gives Hachette pricing leverage against Amazon
Eccentric but effective Steve Jobs pitches iPad to NYT execs
Owners of flickering 27-inch iMacs claim 15% refund from Apple
IDC: Apple iPhone was No. 3 smartphone in 2009 with 14.4% of market
Future Apple iPhones could share current location during a call
AT&T, Sling Media partner to allow 3G access on iPhone SlingPlayer
Apple's iTunes Preview now offers browser-based App Store access
Amazon acquires touch-screen maker for future Kindle project
Nehalem Mac Pro systems suffer audio-based performance issues
Two new hires are Apple's latest moves in mobile advertising
AT&T outbid Verizon with cheaper Apple iPad data plans - rumor
Apple seen moving 2M iPads in 2010 before sales 'catalyst' emerges
Apple iPad deal pushes another publisher to renegotiate with Amazon
Apple allegedly selects new manufacturer for next-gen iPhone
ScrollMotion tapped by publishers to develop textbook apps for iPad
Apple denies iMac production halt as shipment times improve
Apple releases iPhone OS 3.1.3 with battery reporting fix
U.S. senator presses Apple on human rights practices in China
Photo of Apple's next-generation iPhone in the wild - sources
Despite sales growth, Apple's iPhone loses market share - report
Intel 6-core i7-powered Mac Pro rumored to launch this month

 
Advertisements








AppleInsider RSS Feed
AppleInsider © 1997-2008
Please review our Privacy Policy.
Written/Edited/Compiled by the AppleInsider Staff.