U.S. Requests More Stock Options Information From Apple

Authored by Mark Hefflinger on February 2, 2007 - 9:33am.

New York - Apple said in a regulatory filing on Friday that it has received a new request from the government for additional information and documents regarding its stock options granting practices.

"The resolution of these matters will be time-consuming, expensive, and will distract management from the conduct of the company's business," the company said in the filing.

After an internal review, Apple said it would take an $84 million charge for "backdating" options, or changing the date on which they were granted to make them more valuable for employees.

Two grants to Apple CEO Steve Jobs were among those found to have been backdated, although the company found no evidence of wrongdoing on his part.

Apple is one of over 160 companies that have either launched internal investigations or are the subject of federal probes into backdating.

 

Related Links:
http://biz.yahoo.com/rb/070202/apple_accounting.html?.v=5 (Reuters)

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