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Apple Says Options Probe Exonerates Executives

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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-29-06 07:21 PM
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Apple Says Options Probe Exonerates Executives
Apple Computer today exonerated its chief executive, Steven P. Jobs, of any wrongdoing in a stock options backdating probe.

In a filing with the Securities and Exchange Commission, Apple said that while its investigation revealed that the companys stock option procedures did not include sufficient safeguards to prevent manipulation, Mr. Jobs did not benefit financially from any questionable stock awards.

As a result of the internal investigation, Apple said it would record $84 million in expenses related to the options awards.

The news helped push shares of Apple up nearly 5 percent today to $84.84. The share price fell as low as $76.77 earlier this week on reports that the investigation could reveal damaging information about the companys options practices.

http://www.nytimes.com/2006/12/29/business/30applecnd.h...
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