Jobs in forged records scandal
p2pnet.net News:- Shareholders are said to be ’shaken’ by the possibility that Apple Computer documents may have been forged to boost executives’ profits.
Until now, most reports have said although there might have been something going on at senior levels, Steve Jobs wasn’t personally involved. But now that’s being questioned.
"Records that purported to show a full board meeting had taken place to approve Mr Jobs’ remuneration, as required by Apple’s procedures, were later falsified," says The Financial Times.
"These are now among the pieces of evidence being weighed by the Securities and Exchange Commission as it decides whether to pursue a case against the company or any individuals over the affair, according to these people."
In October, says the story, "the company largely exonerated Mr Jobs over the matter, saying that while he had been ‘aware’ of the backdating ‘in a few instances’, he ‘did not receive or otherwise benefit from these grants and was unaware of the accounting implications’.
"According to an Apple filing in 2002, the options under review were handed to Mr Jobs in October 2001, at an exercise price of $18.30 a share. However, the purported board authorisation was dated near the end of the year, suggesting that the benefits were both not properly authorised and were backdated. Mr Jobs later surrendered his options before they were exercised, implying that he did not gain any direct benefit from them. He was later given a grant of restricted stock by the company instead."
Now, at at least one expert is suggesting it’s time for Jobs to start looking for a good lawyer.
The Associated Press and Bloomberg have UBS analyst Ben Reitzes saying, "We believe it could make sense [for him] to obtain counsel given his immense personal fortune and influence," although he doesn’t say what Jobs’ worth and/or power has to do with him seeking legal advice, unless it means he can get the best ——– and may need it.
Yesterday, when it was suggested the faked documents could ultimately mean the SEC would dump the iPod maker, "Who’s served by the delisting of Apple?" asked Jahan Raissi, a partner in a lw firm which represents companies in SEC matters. "If it was Joe’s Shlock and Poultry Farm, then sure, get them out of there. But not Apple."
Stay tuned.
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Also See:
boost executives’ profits – Apple ‘fake document’ claims, December 27, 2006
The Financial Times – Apple ‘falsified’ files on Jobs’ options, December 28, 2006
Associated Press and Bloomberg – Apple shares swoon on reported options probe, December 28, 2006
dump the iPod maker – Apple ‘fake document’ claims, December 27, 2006
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