Apple Computeris stock value is up 5 percent following a filing with the SEC that clears the current management of any wrong doing in a stock options backdating investigation. The upswing comes after two days of up-and-down pricing spurred by reports that Apple executives has falsified option grant records and that CEO Steve Jobs had hired attorneys to represent him in a backdating investigation.
Apple initially revealed that an independent internal investigation into backdated stock option grants had revealed some irregularities. As a result of the investigation, the company delayed filing its July and year-end financial forms with the SEC until December 29.
In addition to clearing the current management team along with Mr. Jobs, the filings also show that Apple will record a US$84 million non-cash expense to account for charges related to improperly filed stock option grants dating back to 1997.
Apple stock is currently trading at $84.94, up 4.07 (5.03%).
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