Apple Stock Backdating May Include Fake Documents
Apple Stock Backdating May Include Fake Documents
by , 10:10 AM EST, December 27th, 2006
The probe into improperly backdated stock options at Apple Computer could take an interesting turn now that the investigation may have uncovered intentionally falsified documents. According to Law.com, the documents were manipulated to maximize the profit executives receive from option grants.
The faked stock options documents were uncovered during the independent investigation into Apple's option grants by the law firm of Quinn Emanuel Urquhart Oliver & Hedges. Those documents will likely be key evidence should the U.S. government file criminal or civil charges against any Apple executives.
Apple announced in June that the internal investigation uncovered irregularities in several option grants issued between 1997 and 2001. At that time, CEO Steve Jobs commented "Apple is a quality company, and we are proactively and transparently disclosing what we have discovered to the SEC."
In October, the company announced that the investigation did not find any misconduct on the part of the current management team, but noted "serious concerns regarding the actions of two former officers." The report also stated that Mr. Jobs was aware of "a few instances" where favorable grant dates had been selected, but that he was unaware of the accounting implications."
Although the statement said that Mr. Jobs is not suspected of any misconduct, he has hired his own lawyers outside Apple's legal representation.
Apple delayed filing some documents with the SEC pending the outcome of the internal investigation. Those delayed documents, which include some figures for the past few fiscal quarters, are due to the SEC this Friday.
News of the possible falsified documents is hurting Apple's stock today. Currently, Apple is trading at US$78.07, down 3.44 (4.22%).
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.
Recent TMO Headlines - Updated July 5th
- Mon, 5:21 AM
- Happy 4th of July
- Sat, 2:03 PM
- Kuo Doubtful About Report of Apple Cutting iPhone 14 Order
- Fri, 5:13 PM
- TikTok Claims Strong Data Security, Still Planning to Improve It Further
- Fri, 4:35 PM
- Apple to Cut iPhone 14 Orders By 10% Despite High Demand, Sources Indicate
- Fri, 4:12 PM
- Celebrating the Anniversary of the iPhone: Looking at the Time Apple was Exclusive to AT&T
- Fri, 3:16 PM
- Steve Jobs to Posthumously Receive the Presidential Medal of Freedom
- Fri, 2:43 PM
- Former Apple Securities Lawyer Pleads Guilty to Six Counts of Insider Trading
- Fri, 2:27 PM
- Apple Has Interviewees Think Outside of the Box, Other Tips for Landing a Job with the Company
- Fri, 2:21 PM
- Apple Suppliers Are Already Working on Second-Generation OLED iPad
- Fri, 2:11 PM
- Apple Promotes the Apple Watch Series 7 as A Durable Device in the New 'Hard Knocks' Video Ad
- Fri, 1:34 PM
- My Penultimate Column
- Thu, 4:12 PM
- Apple TV+ Unveils Trailer for New Family Comedy 'Best Foot Forward' Premiering in July