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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."
Does the CEO of a company (or any officer for that matter) have to be a director? I was under the impression that the directors of a company could appoint nearly anyone they want as CEO.
http://outcampaign.org/
Once again, until we see the restatement from Apple, how do you know how much or how little of Apple's success hinged on sleazy options accounting? All indications are that while this will reduce the bottom line by some amount, it's not going to erase profits.
It's not offtopic, dumbass. It's orthogonal.
1. Apple announces accounting irregularities. 2. Apple stock drops 5-6%. 3. Invest in Apple stock while it is low. 4. WWDC 5. Profit$$$$$