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Apple Finds Irregularities in Stock Option Grants

Apple Finds Irregularities in Stock Option Grants

by , 4:40 PM EDT, June 29th, 2006

Apple on Thursday announced that it has found irregularities in stock option grants issued between 1997 and 2001, including a grant to CEO Steve Jobs that was later canceled and resulted in no financial gain to him. The company said in a press release that it has hired independent counsel to investigate the matter further. It has also informed the SEC of the situation.

"Apple is a quality company, and we are proactively and transparently disclosing what we have discovered to the SEC," said Mr. Jobs said in the press release. "We are focused on resolving these issues as quickly as possible." The company added that it will not comment further on the situation until the investigation is concluded.

While Apple's stock jumped over 5% to US$58.97 during Thursday trading, on the strength of a broader Nasdaq rally, this news, which came after the close of the markets, led to a 2.87% drop to $57.28 in after-hours trading, as of 4:43 PM EST.

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.

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