Apple denies insider trading

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Apple CFO Fred Anderson has moved quickly to quash accusations of insider trading at the computer maker. The denial follows allegations made on Mac website Resexcellence.com that Apple executives sold off millions of dollars of shares one day prior to last month's profit warning. This is the second time in the last two years that Apple execs have dumped shares a day before warning on revenues. Anderson is reported as saying: "I can assure you that no executive would have exercised options had they believed we would not meet our original guidance for the quarter." Apple's share price plunged on 19 June after it slashed its revenue and profits forecast for the third quarter, citing lower than expected demand for its products. The computer maker predicted that for the three months ending June 2002, revenues will be down by 10 per cent to between $1.4bn and $1.45bn instead of $1.6bn.