Option Irregularity News Hurts Apple Stock

Appleis announcement that it is investigating stock option grant irregularities seems to be having a negative impact on the companyis performance on Friday. Apple ended the trading day on Thursday at US$56.70, and is slowly dropping.

The company announced on Thursday that it hired an independent council to conduct an investigation into irregularities in stock options that were granted between 1997 and 2001.

In a press statement, Steve Jobs, Appleis CEO, commented "Apple is a quality company, and we are proactively and transparently disclosing what we have discovered to the SEC."

Apple is currently trading at $56.98, down 1.99 (3.37%).

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