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Even though the Apple board supports him, the SEC may take another look at Jobs' involvement with a stock options backdating scandal

Former Apple chief financial officer Fred Anderson's comments against CEO Steve Jobs may have given further life to the Securities and Exchange Commission's probe of Apple’s option backdating in 2001.  Anderson stated that he warned Jobs of the possible legalities of backdating Apple stock options, which may lead to federal investigators and the SEC to take a second look at the case.  

While Jobs will most likely still be clear of any charges, another SEC investigation will keep the attention on an issue that Apple quickly wants to move past.  The SEC has unofficially cleared Apple as a company, but declined to mention anything specifically about Jobs.

The Apple board officially said that it will continue to support Jobs throughout the scandal.  

"Steve Jobs co-operated fully with Apple's independent investigation and with the government's investigation of stock option grants at Apple," the board said in a statement.  "We have complete confidence in the conclusions of Apple's independent investigation, and in Steve's integrity and his ability to lead Apple."

Anderson and one other former Apple executive had legal action filed upon them earlier in the week.  Anderson has already filed settlement with the SEC, agreeing to turn over $3.5 million in fines.  In doing so, he neither admitted nor denied any wrongdoing in the 2001 options grant.

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Lets hear direct from Apple.....
By crystal clear on 4/27/2007 7:01:08 AM , Rating: 2
This is the official press release from Apple-

quote:
Apple Board Members Bill Campbell, Millard Drexler, Albert Gore Jr., Arthur D. Levinson, Eric Schmidt and Jerry York today released the following statement

We are not going to enter into a public debate with Fred Anderson or his lawyer. Steve Jobs cooperated fully with Apple’s independent investigation and with the government’s investigation of stock option grants at Apple. The SEC investigated the matter thoroughly and its complaint speaks for itself, in terms of what it says, what it does not say, who it charges, and who it does not charge. We have complete confidence in the conclusions of Apple’s independent investigation, and in Steve’s integrity and his ability to lead Apple.

http://www.apple.com/pr/library/2007/04/25statemen...




By crystal clear on 4/27/2007 7:40:10 AM , Rating: 2
Note their names-they are not some ordinary guys from some a IT dept.


"Google fired a shot heard 'round the world, and now a second American company has answered the call to defend the rights of the Chinese people." -- Rep. Christopher H. Smith (R-N.J.)

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