Jobs Cleared in Pixar Probe, Backdating Confirmed

| News

An internal investigation by Walt Disney into improperly backdated stock options at Pixar confirmed that the animation company did engage in the practice at a time before it was acquired by Disney, but cleared Apple and Pixar boss Steve Jobs of any wrong doing. Disney representatives stated "no one currently associated with the Company engaged in any intentional or deliberate acts of misconduct," according to the Mercury News.

Disney representatives are being tight-lipped about what the investigation revealed, including details on when the improperly dated options where granted, to whom, and whether or not Mr. Jobs was aware of the transactions. SEC filings, however, reveal that Pixar executives John Lasseter, Sarah McArthur, Ann Mather and Edwin Catmull all received options dated to match some of the lowest stock prices for the company between 1997 and 2000.

Disney representatives stated that dealing with the tax issues related to the backdated options will not impact the companyis financial statements. The company also plans to deal with the tax liabilities of Pixar employees that hold affected option grants, and that it will be "participating in programs established by the IRS and the state of California to facilitate the payment of such taxes on behalf of employees."

No Comments

Log-in to comment