Apple manages options probe damage
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Apple Computer Inc.'s  board cleared Chief Executive Steve Jobs this week of any misconduct over stock options accounting problems and Wall Street cheered him for taking broad responsibility.
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A reported tiff between the label and Apple could signal a new negotiating stance.
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Expected restatement comes as a result of its internal investigation into stock options practices.
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A probe by Apple Computer Inc. found that chief executive Steve Jobs knew the company backdated stock options, though he didn't benefit or know of accounting issues from the practice.
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Apple Computer has delayed filing its financial statements for a second time and said it will restate earnings to account for backdated stock-option grants.
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Apple Computer (Nasdaq: AAPL) has released a patch for its Macintosh OS X operating system that fixes 15 security problems in the software.
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(InfoWorld) - Graphics chip maker Nvidia found some irregularities in past stock-based compensation practices during an internal probe, and took a total of $127 million in non-cash charges over associated expenses, the company said Wednesday. The figure fell within theÂ $150 million chargeÂ Nvidia said it might have to take. The company also amended financial results for its fiscal year 2006 and the first two quarters of 2007 as a result of the internal probe. The non-cash charge and amendments to previous financial statements ends its internal probe, but an inquiry by the Securities and Exchange Commission (SEC) remains ongoing, Nvidia said. The restated earnings reports did not have a material impact on Nvidia's operating results, it said. The company plans to cooperate fully with the SEC. A number of technology companies have launched reviews over stock-based compensation to employees, finding instances in which stock options have been dated back to a time when the stock had hit a low. The practice is unfair to shareholders and was made almost impossible to legally execute by Sarbanes-Oxley, and for good reason. Stock options were designed as a way for employees to share in the success of the company and give them an added incentive. But by back-dating the options, employees -- often executives -- were essentially given shares that were already valuable. So far, stock options probes, carried out either by companies themselves or by the SEC, have affected over 160 companies.Â Investigations at memory chip developer RambusÂ andÂ security software vendor McAfeeÂ  have led to the resignation or firing of top executives.Â Apple ComputerÂ could be kicked off the Nasdaq by Dec. 29 if it fails to submit its SEC Form 10-Q for the quarter ended 1 July 2006, and any required restatements linked to its stock options probe by that time. Other companies have faced shareholder lawsuits over the issue.
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With $15.4 billion in cash reserves, Apple has a lot of options. How it will spend that money is an open question.
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Apple Computer Inc.  said  on Thursday an internal probe uncovered irregularities related  to the company&#039;s issuance of stock option grants between 1997  and 2001, and its shares fell 3 percent.
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The companyâs lawyers had attempted to gain the upper hand in a patent case by highlighting safety concerns about the companyâs own product.
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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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By Troy Wolverton, San Jose Mercury News, Calif.  Feb. 9--Already under scrutiny for his role in misdated stock options at  Apple, Steve Jobs is facing growing questions about whether he was involved in  similar problems at Pixar.
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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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Apple Inc.  said in a regulatory filing on Friday that the U.S. government had informally requested more information and documents on its past stock-options practices and said the issue was a distraction for management.
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New allegations surface that Apple CEO was involved in improperly backdating movie studio stock-option grants.
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In a filing with the Securities and Exchange Commission (SEC) on Friday, Apple said that it was unable to meet the December 14 deadline for filing its annual report. The company cited its ongoing investigation into stock options grants as the reason and said that it would need to restate its historical financial statements.
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By Troy Wolverton, San Jose Mercury News, Calif.  Dec. 17--If you ask investors how they're evaluating Apple Computer's stock, they'll give you any number of answers.   Some are focused on Apple's recent share gains in the PC market and foresee more to come.