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Apple stock falls on report of faked grant dates
Market Watch ^
| 10:22 AM ET Dec 27
| staff
Posted on 12/27/2006 8:59:48 AM PST by The_Victor
NEW YORK (MarketWatch) -- Shares of Apple Computer Inc. fell as much as 5% in Wednesday trades after a published report suggested that some company officials may have falsified stock-option documents to maximize profits for executives.
The report from the California legal newspaper The Record, which appeared on the Web site Law.com, said federal prosecutors are examining the documents to determine whether criminal charges should be filed. The report cited "individuals familiar with the case who requested anonymity."
The report also said Chief Executive Steve Jobs had decided to hire his own attorney to deal with inquiries by the Justice Department and Securities and Exchange Commission. The superstar CEO had been represented by the company's outside law firm.
Apple had previously said its own internal investigation found no misconduct by Jobs or other senior executives. Yet the company did say that its probe had raised concerns about the actions of two unidentified former executives.
Apple officials could not immediately be reached for comment.
(Excerpt) Read more at marketwatch.com ...
TOPICS: Business/Economy; News/Current Events
KEYWORDS:
To: The_Victor
Can't be. Apple if far to advanced and sophisticated for such nonsense. They cure cancer, you know.
2
posted on
12/27/2006 9:02:16 AM PST
by
L98Fiero
(A fool who'll waste his life, God rest his guts.)
To: The_Victor
3
posted on
12/27/2006 9:04:18 AM PST
by
Red Badger
(New! HeadOn Hemorrhoid Medication for Liberals!.........Apply directly to forehead.........)
To: The_Victor
So they comitted iFraud? ;)
4
posted on
12/27/2006 9:08:28 AM PST
by
Mr J
To: The_Victor
Is the infamous algore still on their board?
What's up with a lot of companies backdating these type of deals?
To: The_Victor
I thought Sarbanes-Oxley made this sort of thing impossible. You mean it's just a huge pile of paperwork for nothing?
6
posted on
12/27/2006 9:33:10 AM PST
by
.cnI redruM
(Free enterprise will pave the road to the stars!)
Comment #7 Removed by Moderator
Comment #8 Removed by Moderator
To: 1234; 6SJ7; Action-America; af_vet_rr; afnamvet; Alexander Rubin; anonymous_user; ...
Repeat of the rehash of the options backdating scandal... PING
If you want on or off the Mac Ping List, Freepmail me.
9
posted on
12/27/2006 9:42:39 AM PST
by
Swordmaker
(Remember, the proper pronunciation of IE is "AAAAIIIIIEEEEEEE!)
Comment #10 Removed by Moderator
To: Loyal Buckeye
What's up with a lot of companies backdating these type of deals? When they did it, it was legal... and still is.
The problem is a change in regulations on how it should be accounted for on company reports and books.
11
posted on
12/27/2006 9:44:39 AM PST
by
Swordmaker
(Remember, the proper pronunciation of IE is "AAAAIIIIIEEEEEEE!)
To: The_Victor
NEW YORK (MarketWatch) -- Shares of Apple Computer Inc. fell as much as 5%
Or maybe the shares just fell 5%.
Guess they ain't teaching English at that thar journalism school.
12
posted on
12/27/2006 9:45:36 AM PST
by
A Balrog of Morgoth
(With fire, sword, and stinging whip I drive the RINOs in terror before me.)
To: The_Victor
Steve Jobs is a Democrat and Democrats never do anything wrong.
13
posted on
12/27/2006 9:55:51 AM PST
by
rightinthemiddle
(Without the Media, the Left and Islamofacists are Nothing.)
To: A Balrog of Morgoth
It's one way (perhaps not the best) of saying that AAPL's low trade so far today was about 5% off yesterday's close. As of fifteen minutes ago, it was trading at 80.96, down 0.67% — a decent bounce.
14
posted on
12/27/2006 9:58:35 AM PST
by
dighton
To: dighton
"It's one way (perhaps not the best) of saying that AAPL's low trade so far today was about 5% off yesterday's close. As of fifteen minutes ago, it was trading at 80.96, down 0.67% — a decent bounce."
headline risk. Reuters has created a ton last couple of quarters. They took a very political stand on stock option expense (SBC) and outsourced reportage to india. Consequently they will report profits "off" and results "missed" estimates when they are comparing apples (pre-SBC) to oranges (post-SBC).
15
posted on
12/27/2006 10:02:55 AM PST
by
Sunnyflorida
((Elections Matter)
To: A Balrog of Morgoth
By AP standards I don't believe they are supposed to use the % symbol either. It should be percent written out.
16
posted on
12/27/2006 10:12:32 AM PST
by
Mr. Blonde
(You know, Happy Time Harry, just being around you kinda makes me want to die.)
To: Sunnyflorida
Looks like missed the buying opportunity when it hit the day's low... LOL
17
posted on
12/27/2006 12:51:46 PM PST
by
CheneyChick
(Another College Educated OEF Veteran for President Bush...)
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