Apple Announces More Options Troubles

fremen writes "Apple today announced that they will be withdrawing their financial reports back to September 29, 2002 and delaying the filing of future reports after finding more backdated options problems. Companies backdate their stock options by looking back over a period of time and choosing a historical low as the option strike price. While not illegal, this must be fully disclosed to investors and properly accounted. Expect more uncertainty in the coming weeks as regulators must now uncover how much of Apple's record profits were incorrect as well as whether or not Steve Jobs will be able to continue leading the company."

Comments

Re:Steve Jobs leading Apple

[cpt kangarooski]

Your post is also not true. The SEC has jurisdiction over all securities transactions. This includes both public and private offerings and actual transactions. When a private company grants stock, or even discusses granting stock, to private investors, employees, directors, etc. the SEC has authority over it and regulates it. The earlier poster is wrong, and so are you.