According to an article on Macworld News, federal investigators are “looking closely” at Apple stock-option documents that employees within the company may have falsified in order to boost their own profits. The story was initially published in the late Tuesday online edition of The Recorder on legal news web site law.com.
Further details are expected in Apple’s delayed annual report, due out this Friday and Apple CEO Steve Jobs, who has publicly apologized for his actions with regard to the stock options and sought legal counsel apart from Apple’s.
A three-month investigation conducted by investigators that concluded in October revealed that individuals within the company familiar with the case came forward as well as requested anonymity given the ongoing criminal and civil government investigations.
At the end of the internal investigation, Apple mentioned that it had “raised serious concerns” regarding the actions of two former executives tied into the fiscal inner workings of the company – Nancy Heinan, former senior vice president, who quietly parted ways with the company this May and former chief financial officer Fred Anderson, who resigned from the company in October as the investigation was wrapping up and commenting that it was in the company’s best interest for him to go.
Apple’s stock price tumbled to $78.19 per share as of Wednesday morning and the firm is among 200 companies that have disclosed internal investigations as well as federal probes by either the Securities and Exchange Commision or the Department of Justice for inquiries related to stock-option management, including backdating of options.
Stay tuned for further comment and details in Friday’s annual report.
If you have any comments or feedback on this, let us know.
According to an article on Macworld News, federal investigators are “looking closely” at Apple stock-option documents that employees within the company may have falsified in order to boost their own profits. The story was initially published in the late Tuesday online edition of The Recorder on legal news web site law.com.
Further details are expected in Apple’s delayed annual report, due out this Friday and Apple CEO Steve Jobs, who has publicly apologized for his actions with regard to the stock options and sought legal counsel apart from Apple’s.
A three-month investigation conducted by investigators that concluded in October revealed that individuals within the company familiar with the case came forward as well as requested anonymity given the ongoing criminal and civil government investigations.
At the end of the internal investigation, Apple mentioned that it had “raised serious concerns” regarding the actions of two former executives tied into the fiscal inner workings of the company – Nancy Heinan, former senior vice president, who quietly parted ways with the company this May and former chief financial officer Fred Anderson, who resigned from the company in October as the investigation was wrapping up and commenting that it was in the company’s best interest for him to go.
Apple’s stock price tumbled to $78.19 per share as of Wednesday morning and the firm is among 200 companies that have disclosed internal investigations as well as federal probes by either the Securities and Exchange Commision or the Department of Justice for inquiries related to stock-option management, including backdating of options.
Stay tuned for further comment and details in Friday’s annual report.
If you have any comments or feedback on this, let us know.