Apple admits to backdating options

In the same breath, Anderson questioned the conduct of Apple's board of directors regarding options backdating.And Anderson is not alone in his criticism of the Apple board.Steve Jobs, Apple's chief executive, was personally involved in the secret backdating of share options, the computer company admitted for the first time yesterday.The i Pod maker's board expressed its "full confidence" in Mr Jobs, but said he had personally recommended favourable dates for some share options grants.An independent audit committee assembled by network technology provider Broadcom in the wake of the industry-wide SEC options backdating scandal, has found that stock options granted to executives and employees for a nearly five-year period were improperly accounted for.Last Thursday, the company stated this morning, the Securities and Exchange Commission informed Broadcom that its investigation has entered the formal stage.

Meanwhile, the company is fighting off a shareholder lawsuit that alleges the board knew about the backdating scheme.

APPLE Computer has admitted that records of a board meeting that handed chief executive Steve Jobs 7.5 million share options were fabricated.

But the independent committee investigating the illicit backdating of stock awards cleared Mr Jobs of wrongdoing.

The company also said that the scale of the manipulation of share options grants was much wider than previously revealed, extending to 6,428 grants for executives and other employees on 42 separate occasions.

It restated 10 years of accounts, reducing its reported profits by a total of m, including m for the most recent financial year.

Leave a Reply