Jobs back in the hot seat over options

Jobs back in the hot seat over options

Summary: Given no time to bathe in the excellent earnings announced yesterday, Apple CEO Steve Jobs is again coming under fire for his receipt of backdated stock options.According to Wikipedia:Options backdating is the practice of granting an employee stock option that is dated prior to the date that the company actually granted the option.

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Jobs back in the hot seat over optionsGiven no time to bathe in the excellent earnings announced yesterday, Apple CEO Steve Jobs is again coming under fire for his receipt of backdated stock options.

According to Wikipedia:

Options backdating is the practice of granting an employee stock option that is dated prior to the date that the company actually granted the option. This practice raises a number of legal and accounting issues. The practice of backdating itself is not illegal, nor is granting of discounted stock options. What is illegal is the improper disclosures, both in financial records and in filings with the United States Securities and Exchange Commission (SEC).

This latest round comes from the Boston Retirement Board, which claims that Apple's directors wasted more than $105 million on backdated stock options granted to Jobs.

New York City Employees' Retirement System most recently brought a suit against Apple for backdating. Other shareholder groups have also pursued legal action against the Cupertino firm with no success. A California judge granted Apple's motion for dismissal of the New York City Employees case back in November 2007.

Read more at Apple Insider.

Topics: Apple, Banking, CXO, IT Employment

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8 comments
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  • One of these suits

    is going to make it through the court system and then Jobs will really be on the hot seat.
    No_Ax_to_Grind
    • I doubt it (nt)

      .
      Badgered
    • In your dreams.

      Only an ignorant ass of a investment fund would sue a
      company enjoying 35% growth.
      frgough
      • so things are only illegal

        If your not making money at it?
        Unethical behavior should be ignored if the growth rate is high enough?

        The next time you want to talk about how bad MS is, shut up. The spinelessness of what you call 'fair' is a complete crock
        mdemuth
        • Or hypocrisy

          :)
          HypnoToad
  • I agree.

    If they have done wrong, they have done wrong. It shouldn't
    matter how the company is performing. If Apple wasn't
    performing well, then these people would have lost a lot of
    money. You shouldn't be able to use an after the fact
    argument to justify what was done in the past.
    A Grain of Salt
  • Idiotic lawsuit

    No investor in their right mind would want Jobs out of Apple. I might not agree with some of his decisions, ie the MacBook Air (Crippled), but overall, he has been the saviour of the company and deserves to be kept on at all costs.
    jorjitop
  • RE: Jobs back in the hot seat over options

    Who cares. This rates right up there with the Martha Stewart investigations a few years ago. I use Linux, what happens to Apple or MS does not really affect my computing experience.
    starcannon99022@...