Apple Investigating "Irregularities" with Stock Option Grants

Authored by Mark Hefflinger on June 29, 2006 - 1:09pm.

Cupertino, Calif. - Joining a fast-growing list of technology companies, Apple said on Thursday that it is investigating irregularities resulting from the issuance of stock option grants. The grants in question, made between 1997-2001, included one to CEO Steve Jobs, through it was subsequently cancelled and resulted in no financial gain to the CEO. A special committee of Apple's outside directors has hired an independent counsel to perform an investigation, and the company said that it has informed the SEC. "We are proactively and transparently disclosing what we have discovered to the SEC," said Jobs. "We are focused on resolving these issues as quickly as possible."

http://www.apple.com/pr/library/2006/jun/29stock.html