Jobs backdating - Virtual online sex game
The company was the most prominent of several to have engaged in similar behavior, including Broadcom, Novell, Mc Afee and CNET.Because of how widespread the behavior was, it never presented a realistic possibility that Jobs would lose his, err, job as part of the scandal.
News of the Apple backdating scandal didn’t find its way into the public consciousness until late 2006.As “[P]erhaps the biggest catalyst for Apple’s stock could be the release of a cell phone, which has been widely anticipated for months.Some have speculated that Apple could unveil its phone at the Macworld Expo, an event held every January that Apple has often used to showcase new products.Heinen has denied the SEC's accusations — and Anderson, who was essentially charged for being asleep at the wheel while the backdating occurred, has claimed Jobs was informed about the implications of backdating.According to the SEC interview, Jobs claimed he doesn't know much about accounting or backdating shenanigans and didn't know the practice was illegal.has managed to get its mitts on the Apple CEO's deposition with the US Securities and Exchange Commission conducted in the wake of Apple's backdating scandal.
Jobs has always maintained he was unaware of the accounting fraud involved with improper backdating of his options, and no government legal action was taken against the CEO and Apple.
But the resulting investigation saw Apple's former financial chief Fred Anderson and ex-general counsel Nancy Heinen forced to settle with the SEC for a few million dollars apiece without admitting wrongdoing.
There were also several derivative lawsuits filed by shareholders which Apple settled out of court for m.
The SEC claimed Heinen fraudulently cooked up options grants by misrepresenting the true dates the grants were awarded to times when the price was at a historic low.
Backdating itself isn't illegal, but not telling the SEC or stockholders about it is considered securities fraud.
When these options “vest” after a period of time, the executive can sell them at the new share price.