Graphics Board Sales Increase in Q3 as Does Nvidia's Market Share He knew about them but was unaware that they were illegal. Other reports have indicated that Apple CEO Steve Jobs did not personally profit from the the stock option back-dating issue. “The board of directors is confident that the Company has corrected the problems that led to the restatement, and it has complete confidence in Steve Jobs and the senior management team.” “The special committee, its independent counsel and forensic accountants have performed an exhaustive investigation of Apple’s stock option granting practices,” in a joint statement said Al Gore, chair of the special committee, and Jerome York, chair of Apple’s Audit and Finance Committee. The restatement arises solely from certain stock option grants made between 19 the investigation found no grants after Decemthat required accounting adjustments. Attorney’s Office of the results.īased on an analysis of the findings of the independent investigation, the Company has recognized total additional non-cash stock-based compensation expense of $84 million after tax, including $4 million and $7 million in fiscal years 20, respectively. Apple undertook this investigation on its own initiative and has informed the SEC and the U.S. Both filings had been delayed pending the conclusion of an independent investigation by the special committee of the board of directors into past stock option practices and the resulting restatement of the Company’s financial results.
Here is the full text of Apple's press release:Īpple® today filed its Form 10-Q for the quarter ended Jand its Form 10-K for the fiscal year ended Septemwith the Securities and Exchange Commission (“SEC”). The total effect of the issue is to understate compensation by $84M for the period beginning in 1997 though 2006, a seemingly mere drop in the bucket.
Both SEC forms had been delayed due to the investigation. Today, Apple issued a press release on its internal investigation of back-dating stock options for some executives and filed with the SEC Form 10-Q for the third quarter of 2006 and Form 10-K for the 2006 fiscal year ending September 30. Apple Issues Press Release, Files SEC Forms 10-Q and 10-K Restates 1997-2006 Earnings by $84M