April 26, 2007
Steve Jobs and Backdated Options
The SEC has announced the civil prosecution of two Apple executives (the ex-CFO and the ex-Chief Legal Counsel) for backdating compensatory options and the settlement of one of them (against the CFO). Steve Jobs was not prosecuted. He did take a hit in the statement made by the CFO, however, who once again noted that Jobs knew about and was involved in the backdating of at least one large option grant to Apple employees in 2001. The SEC's failure to prosecute Jobs in light of the statement is yet to be explained. In any event, just when I am ready to throw in with those who want to stop private securities class actions a case like this comes along and I am glad that private actions against Jobs are available (and ongoing).
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