Thursday, January 29, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Google Reports Increased Profit
Facebook Introduces Place Tips in News Feed
AMD Cuts Prices Of Radeon Graphics Card To Cash On GTX 970 Memory Furor
HyperX Sets DDR4 Overclocking Record
Intel 5th Generation vPro Processors Released
Mobile Provider TracFone to Pay $40 Million to Settle FTC Charges
Intel Releases New 20nm SSDs For Data Centers
Microsoft Brings Office To iOS and Android Devices
Active Discussions
Writing Audio files on DVDs ?
Need major help with Gigabeat
New match-3 puzzle game launch now!
Rimage 2000i
Sound card for my Laptop
hello
full screen wide screen
Hi
 Home > News > General Computing > Steve J...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, October 04, 2006
Steve Jobs Apologizes for Apple Stock Practices


Apple initiated this voluntary independent investigation after a management review discovered irregularities in past stock option grants

Apple today announced that the special committee of its board of directors has reported its findings after a three month investigation into Apple's stock option practices. The special committee of outside directors, together with independent counsel and accountants, examined more than 650,000 emails and documents, and conducted interviews with more than 40 current and former employees, directors and advisors.

The independent investigation's key findings are:

- The investigation found no misconduct by any member of Apple's current management team.

- The most recent evidence of irregularities relates to a January 2002 grant.

- Stock option grants made on 15 dates between 1997 and 2002 appear to have grant dates that precede the approval of those grants.

- In a few instances, Apple CEO Steve Jobs was aware that favorable grant dates had been selected, but he did not receive or otherwise benefit from these grants and was unaware of the accounting implications.

- The investigation raised serious concerns regarding the actions of two former officers in connection with the accounting, recording and reporting of stock option grants. The company will provide all details regarding their actions to the SEC.

"I apologize to Apple's shareholders and employees for these problems, which happened on my watch. They are completely out of character for Apple," said Steve Jobs, Apple's CEO. "We will now work to resolve the remaining issues as quickly as possible and to put the proper remedial measures in place to ensure that this never happens again."

The company also announced that Fred Anderson, Apple's former CFO, has resigned from its board of directors. Mr. Anderson, who served as CFO from 1996 until 2004, informed the company that he believes it is in Apple's best interests that he resign from the board at this time.

The company and its independent auditors are reviewing the findings of the independent investigation. Management continues to believe, and the audit committee agrees, that Apple will likely need to restate its historical financial statements to record non-cash charges for compensation expense relating to past stock option grants. The company and its independent auditors are reviewing recent accounting guidance published by the SEC, and have not yet determined the amount of such charges, the resulting tax and accounting impact, or which periods may require restatement. The company continues to proactively inform the SEC of its findings.


Previous
Next
Nyko Unveils PS3 Intercooler        All News        AMD'S Proposed Acquisition of ATI Receives Merger Control Clearance in Taiwan
Intel to Buy Nvidia?     General Computing News      AMD'S Proposed Acquisition of ATI Receives Merger Control Clearance in Taiwan

Get RSS feed Easy Print E-Mail this Message

Related News
Apple Sells Record iPhones in Holiday Quarter, iWatch Coming in April
Apple Takes Top Spot in China's Smartphone Market
Samsung and Apple Together Consumed 17 Percent of Total Semiconductor Demand in 2014
Samsung Led The Smartphone Market in 2014, TrendForce Reports
Apple May Use Its Own Chips In Future Macs
Apple, Ericsson In Courts Over LTE Patents
Apple, Google To End Lawsuit Over Poaching
Apple May Take On GoPro With Action Cameras
Quanta Accelerates Production Of New 12-inch MacBook Air
Apple Patent Describes Flexible iPhone Concept
Apple Starts Selling Unlocked iPhone 6 and 6 Plus
Apple Sued Over Limited Storage Space

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .