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Apple says options probe finds no misconduct by managers

Apple says options probe finds no misconduct by managers

Apple Computer Inc. said its own investigation of stock option grants found no misconduct by current management, but it did find irregularities in some grants between 1997 and 2001, including a grant to Chief Executive Steve Jobs.
Its options mishandling will result in an additional noncash charge of US$84 million.
The three-month probe identified a number of grants for which grant dates were intentionally selected in order to obtain favorable exercise prices, the company said.
"The special committee, its independent counsel and forensic accountants have performed an exhaustive investigation of Apple's stock option granting practices," former Vice President Al Gore, chair of the special committee, and Jerome York, chair of Apple's Audit and Finance Committee, said in a joint statement.
"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."


Updated : 2021-05-06 21:10 GMT+08:00