Study Finds Outside Directors Also Got Backdated Options
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A new study suggests that some 1,400 outside directors may have received manipulated stock option grants over the past decade.
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By Helen Huntley, St. Petersburg Times, Fla.  Dec. 9--Jabil Circuit's top executives did not issue themselves backdated  stock options or try to get others to issue them, according to an internal  company investigation released Friday.
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By The Orange County Register, Calif.  Dec. 19--Chipmaker Broadcom Corp. said it canceled more than $37 million  in stock options for three former employees after finding that they adjusted  the dates of the options to maximize their value.
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A band of tech companies will present an alternative method for valuing stock options that would provide lower expenses to the companies than legislation currently under review, according to a report published Tuesday.
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A new study estimates that the stock options backdating scandal may cost shareholders hundreds of millions of dollars.
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Hedge funds donÂt investigate options backdating just to satisfy their curiosity. Rather, they do it to find an edge Â and to use that edge to get richer than they already are.
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(InfoWorld) - Apple CEO Steve Jobs has been subpoenaed by the U.S. Securities and Exchange Commission (SEC) to give a deposition in the stock option backdating lawsuit against former Apple General Counsel, Nancy Heinen. Citing two sources familiar with the case,Â Bloomberg reportsÂ that the subpoena is not part of an SEC investigation. Jobs' testimony is required as part of aÂ lawsuit brought against Heinen by the SECÂ in April 2007. Heinen is the only former Apple executive charged in the backdating scandal.Â Apple's internal investigation cleared all current executivesÂ of any wrongdoing and the SEC reached a deal with former CFO Fred Anderson in the case. Apple representatives were not immediately available to comment. The SEC says that Heinen granted 4.8 million options to six Apple executives, including herself, Anderson and CEO Steve Jobs, in February 2001. To avoid reporting an US$18.9 million compensation charge, Heinen backdated the options to January 17 when the company share price was much lower, the SEC said. She then told her staff to prepare false documents showing the board of directors had acted on that day. Later, in December 2001, the company granted 7.5 million options to Jobs. Again, Heinen avoided a $20.3 million charge by drafting minutes for a fake board meeting she said happened on Oct. 19, the SEC said. That meeting had never occurred. Heinen has maintained her innocence in the case and a statement by her lawyers said, "Nancy Heinen's integrity is unimpeachable."Apple's backdating problems started in June 2006, when the company announced thatÂ an internal probeÂ had found some irregularities in some option grants issued between 1997 and 2001. Four months later, Apple said a special committee hadÂ found irregularities in 15 of the grantsÂ made between 1999 and 2002. The internal investigation also found that Jobs was aware that favorable grant dates had been selected but didn't receive or benefit from those grants and was "unaware" of the accounting implications. In late December,Â Apple disclosed more backdating-related news,Â again clearing current executives and taking an $84 million charge on its restated earnings. Macworld is an InfoWorld affiliate.
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Former Walt Disney Co. directors Roy Edward Disney and Stanley Gold yesterday said they will propose an alternate slate of directors if the company&#39;s board doesn&#39;t replace
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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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The more stock options CEOs have, the more likely they are to take risky investments negatively affect their business.
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Experts say the move could lead to suits against the U.S. or private companies.
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Accounting rule makers issued a standard Thursday that forces companies to expense employee stock options starting in June, ending 10 years of political wrangling and backpedaling.
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Federal regulators said in court papers filed yesterday that Fidelity Investments' money management arm "may have, directly or indirectly" defrauded some clients or prospective clients during a two-year period from 2002, actions which may have prevented Fidelity customers from getting the best possible deals on stock trades.
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Despite a clampdown after the dot-com bust, some employees now have more options about when and where they work.
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When corporate America came looking for raises last year, Boston's largest mutual funds routinely turned them down, voting in hundreds of cases against lucrative stock and options packages for senior executives, according to proxy-vote data released last week for the first time.
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Home Depot, the home improvement retailer, said yesterday that an internal investigation found that for 19 years the company ÂroutinelyÂ backdated option grants to benefit employees and had unrecorded expenses of about $200 million related to its grant practices.
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Boston Scientific said in a filing it changed its retirement plan to enable key employees to exercise stock options for up to three years after they leave the company, compared to 90 days before the change. The company modified the terms of stock options awarded prior to May 2001 so employees could take advantage of the longer period. The company ...