First service backdating stock options
On July 3, 2007, the company announced it received notice from the SEC staff that the staff had completed its investigation and doesn't intend to recommend any enforcement action by the SEC. 3, 2006, the Cupertino, Calif., computer maker said it will delay filing quarterly results and will likely restate past results after discovering more "irregularities" as part of an internal probe of stock-option grants going as far back to 1997. 29, 2006 that CEO Jobs had recommended the selection of some favorable stock-option grant dates, but didn't personally benefit.
In June, Apple said "one of the grants in question" was made to CEO Steve Jobs. 4, the company said its internal investigation had found Jobs was aware of options backdating but didn't benefit from the practice. prosecutors are investigating Apple's options practices. It also said it will restate financial data going back to 2002 and take an million charge.
The company added that it may face "significant tax liability" for prior years because it misapplied IRS rules.
On May 21, 2007 the company became current on late SEC filings and recorded, as a result of a restatement, for the fiscal years 1994 through 2005, pretax noncash compensation expense of .9 million.
The report, from a Lehman Brothers analyst, called the companys historical options-granting practices "highly questionable." On July 10, the company disclosed that it had received a letter from the SEC about an informal investigation into the companys stock-option grants. 3, the company said it will likely have to restate past results as a result of problems with past grants.
Its financial chief resigned, citing personal reasons. 14, 2006 the company a review found the company misdated certain stock option grants and that it found that some former officers may have covered errors in the grant approval process.
It is being examined by the Securities and Exchange Commission. 7, the company announced that investors should no longer rely on its prior disclosures about the findings of its continuing internal probe. Noncash compensation costs related to backdating will be about million, plus additional tax-related expenses.
The company said it would restate its financial statements for 2005 and first quarter of 2006.(Headlines)The San Jose, Calif., software company on Oct.
The Santa Monica, Calif., videogame company said on July 28 that the SEC has asked the company for documents related to its stock-option grants as part of an informal inquiry.
The company also said its board has appointed a special subcommittee of independent directors to conduct an internal review of the companys historical stock-option grant practices. 25 the company said it appears likely that actual measurement dates for certain historical stock-option grants will be found to differ from the recorded grant dates for such awards.
The company also said it will restate several years of past results to adjust accounting for two option grants in 20.
On May 25, 2007, the company said the SEC had informed the company it had completed its probe and didn't intend to recommend any enforcement action.