Options Inquiry Delays Apple Results Again
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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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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  on  Wednesday said two lawsuits have been filed against the  company, one in federal district court and another in state  court in northern California, over its awarding to stock option  grants.
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Computer maker Dell Inc. DELL.O said   on Monday it has suspended share repurchases and is delaying   the filing of its latest quarterly report with regulators amid   an expanded government accounting probe.
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First, the big news is that lines are forming at Apple stores. Send links to pictures. Oh the humanity. Second, the reason those of us who ordered in advance are not getting our Leopards is that Fedex couldn't handle the load.  Even so, when I called Fedex this morning they said I would have my package today, even though the website says otherwise. Their gears are stipped on a good day. Is Fedex the AT&T of package delivery? Will Apple end up leasing their own fleet of trucks to deliver the next version of Mac OS? I guess we still have to make it through this release.  Will we be able to have a Flash Conference on Monday to discuss Leopard? Only time will tell.
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Computer maker Dell says it has delayed filing its second-quarter results because of an inquiry into its accounts.
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Ziff Davis - The long wait for a decision in the government's antitrust trial against Oracle has prompted the company to extend the deadline yet again for its &#36;7.7 billion attempted buyout of PeopleSoft.
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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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InfoWorld - Fear of litigation has led to an indefinite delay in the&#160;planned Saturday release of software to unlock Apple Inc.&#39;s iPhone.
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OTTAWA - Nortel Networks has announced that it&#39;s once again delaying the release of financial reports. The company is currently reviewing its accounting for the past four years.
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A three-month investigation by Apple Computer's board of directors found that the company backdated option grants made on 15 dates between 1997 and 2002 and CEO Steve Jobs knew of the practice.
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Apple Inc.  reiterated in a regulatory filing on Friday that the U.S. government informally had requested information and documents on its past stock-options practices and said the issue was a distraction for management.
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Apple Computer Inc. CEO Steve Jobs apologized Wednesday for the company's past stock-option practices after a three-month investigation raised "serious concerns" in connection with the accounting, recording and reporting of grants.
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(InfoWorld) - Broadcom's accounting woes have deepened as the networking chip company examined more stock-option grants that apparently were backdated. In July, Broadcom said it found irregular stock-option grants made from 2000 to 2002Â and expected to take more than $750 million in additional compensation expensesÂ because of those grants. On Friday, the company said it found other questionable stock-option grants awarded between June 1998 and May 2003. Now Broadcom expects those additional compensation expenses to be at least twice as big. The company also expanded its restatement of past financial results. It had previously expected to restate results for 2000 through the first quarter of 2006, and now it also believes its results for 1998 and 1999 will need to be restated. Broadcom is one of many high-tech companies to be hit with problems related to backdating of stock options during the heyday of the high-tech economy. In backdating, companies move the date of a stock-option grant to a time when the company's stock was worth less, in order to give the employees a greater gain when they cash in. Apple Computer Inc., Rambus Inc., McAfee Inc. and other companies are embroiled in controversy over apparent backdating. The audit committee of Broadcom's board of directors is continuing a voluntary review of the Irvine, California, company's compensation practices with the help of outside counsel, and it hasn't reached any conclusions, Broadcom said in a press release on Friday. Broadcom said it made the grants during a time when it was hard to attract the best high-tech talent and that about 95 percent of the grants went to employees other than executive officers.
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Apple Computer Inc. , which is undergoing an independent investigation into its historical stock option practices, filed with the U.S. Securities and Exchange Commission on Friday to delay its 10-K annual report filing.
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THE REGION Sapient Corp. said it will restate some financial results because of findings from an investigation related to the technology consultant's granting of stock options. The Cambridge company is also delaying third-quarter results because of the probe into the options, which were granted primarily between 1996 and 2001. Sapient, which hasn't determined the impact on the financial results, found ...
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MacCentral - Analysts from Prudential Equity Group and UBS have warned over the past two days that longer than expected G5 delays from IBM Corp. is the near-term "key risk" for Apple Computer Inc. Both firms are concerned the delays could be longer than originally expected.