Jobs back in the hot seat over options

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.

Jobs back in the hot seat over options
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. 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.