Apple CEO Subpoenaed in Heinen Backdating Case
Apple CEO Subpoenaed in Heinen Backdating Case
by , 9:50 AM EDT, September 20th, 2007
Apple CEO Steve Jobs has been subpoenaed by the Securities and Exchange Commission to give a deposition in the company's backdating scandal involving former general counsel Nancy Heinen. The subpoena relates to the lawsuit the SEC brought against Ms. Heinen, and is not part of an investigation into the Cupertino-based company, according to Bloomberg.
The SEC sued Ms. Heinen in April claiming she inappropriately backdated stock option grants for company executives including a 7.5 million share grant to Mr. Jobs. Mr. Jobs later surrendered the options without exercising them.
Apple was the focus of an SEC investigation for allegedly backdating stock option grants to be more favorable to the recipients. Apple conducted its own independent investigation that cleared its high profile CEO of any wrong doing.
Former CFO Fred Anderson was also under investigation at one point, but settled with the government for his involvement in the backdating incidents. He agreed to surrender US$3.5 million in gains from stock option grants he was awarded, and pay a $150,000 fine. In exchange, he did not have to admit that he did anything wrong.
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