Apple finds stock option problems
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Apple Computer finds problems in the way stock options were granted, an internal investigation shows.
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Apple Computer Inc. said on Wednesday an internal investigation found irregularities with its past stock option grants, prompting the immediate resignation of a former chief financial officer from the board of directors.
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Other Silicon Valley companies are also under scrutiny for their stock option granting practices.
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Stocks slid at the open on Wednesday on recession worries and a weak profit outlook from iPod maker Apple Inc as the Nasdaq composite index crossed a bear market threshold.
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In a report to the US Securities and Exchange Commission regarding allegations that the company may have failed to report certain backdated options, Apple today said its CEO, Steve Jobs, knew something about his company's options backdating practices, but never benefited from backdating personally.
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After announcing record-breaking revenues and profits in its most recently concluded quarter, Apple saw its stock slide precipitously in trading today. Investors were spooked by smaller than expected forecasts, although analysts say the company's fundamentals are still sound.
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After breakneck increases in its stock price, Apple recently initiated a 2-for-1 stock split. The move will reduce the existing stock value by 50%, with each shareholder receiving an extra share. For investors, the move is another positive devel...
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(InfoWorld) - Apple Computer Inc. CEO Steve Jobs apologized to shareholders Wednesday after an internal investigation found that he had been aware of the company's practice of "backdating" employee stock options. "I apologize to Apple's shareholders and employees for these problems, which happened on my watch," Jobs said in a statement, released Wednesday. "They are completely out of character for Apple." A three-month investigation by Apple's board of directorsÂ found that the company had backdated option grants made on 15 dates between 1997 and 2002. Its findings raised "serious concerns" about the roles that two former officers had played in the matter, Apple said. Apple did not identify these former officers, but the company's chief financial officer at the time of the grants, Fred Anderson, has resigned from Apple's board of directors, saying that this is "in Apple's best interests," Apple announced Wednesday. Although investigators found no misconduct by any member of Apple's current management, Jobs was aware of "a few instances" of the practice, Apple said. Jobs did not benefit from the backdated grants and "was unaware of the accounting implications." A number of Silicon Valley companies have been embroiled in the growing controversy over the practice of backdating, or allowing employees to be granted stock options dated from an earlier time, when the trading price of these options was lower. McAfee Inc.,Â Broadcom Corp.,Â Sycamore Networks Inc.Â andÂ Rambus Inc., have been implicated in the scandal, and last June criminal charges wereÂ filed against executives from Brocade Communications Systems Inc.Â in connection with that company's stock option granting practices. Apple believes it will have to restate its past SEC filings in order to record charges for its option grants. The company is working "to ensure that this never happens again," Jobs said. Â
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A California judge plans to order  Apple Inc  to turn over company board-meeting minutes  and records relating to stock options accounting to an  investor, according to a newspaper report on Tuesday.
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Apple said an internal review found that Steven P. Jobs knew the company was backdating stock options to inflate their value.
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SAN JOSE, Calif. _ In a filing with the Securities and Exchange Commission, Apple Computer said Friday it will delay its annual 10-K financial report by more than two weeks while it reviews the findings of its investigation into stock option grants.
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Apple Computer Inc. AAPL.O  shares fell 4 percent after a Needham & Co. analyst lowered his  investment rating on the stock to "hold," saying much of the  potential upside to the company's business is reflected in the  current stock price.
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Apple Computer Inc. said on Wednesday it found irregularities with its past stock option grants during an internal investigation and the company will likely need to restate its past financial statements.
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Apple Computer Inc. CEO Steve Jobs apologized Wednesday for the company's past stock-option practices after a three-month internal investigation raised concerns over how some grants were handled between 1997 and 2002.
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Apple Computer, the maker of iPod music players, delayed filing its financial statements on Friday for the second time, and said it would restate earnings to account for backdated stock-option grants.  The size of any charge related to the options has not been finalized.
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The sale of iPods is having a ripple effect on the sales of Apple&#39;s Macintosh computers leading to a rise in the company&#39;s stock price.
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Investor's Business Daily - Apple Computer's   new product announcements are often presaged by buzz that the company will release a low-cost device. And every time, the rumormongers are wrong. Until now.