Apple backdating stock options robert deniro dating
All stemming from the practice known as “options backdating.” Options backdating occurs when a company issues stock options on one date, but reports in its financials an earlier issue date to create a “strike” or exercise price equal to the earlier date’s lower price.
Another consequence is that the company underrepresents the real nature of an executive’s compensation, perpetuating the myth that options are performance-based incentive compensation.
Investors are particularly focused on whether the options scandal will hurt Jobs, 52, who co-founded Apple in 1976 and has been the driving force behind Apple's turnaround in recent years.
The maker of the Macintosh computer and the i Pod portable music player has attracted a cult-like following for its innovative products.
Apple Computer has concluded an internal investigation into backdated stock options and found that while CEO Steve Jobs was aware of the practice, he did not personally benefit from it.
Over the summer, we learned that Apple had engaged in backdating and springloading stock options in an attempt to increase the value of stock option grants.
The SEC statement does not preclude additional action against individuals, said Marc Fagel, associate regional SEC director in San Francisco.Such practices are frowned upon by the Securities and Exchange Commission.Apple's practice of backdating stock options began in 1997 and continued into January 2002.Both Dell and Novell have also recently received delisting notices from NASDAQ after failing to file quarterly 10-Q reports with the SEC.Those filings, like Apple's, were delayed by investigations into backdating.