We have written about the Apple stock options story before, but things just keep getting worse. The Associated Press is reporting that former Apple execs forged documents in order to maximize options payouts. The article also goes on to say that Steve Jobs has retained his own legal counsel, apart from Apple's, which is never a good sign (though I would retain my own legal counsel if I were involved in something of this nature).Apple shares dropped on this news.
Reader Comments (Page 1 of 1)
12-27-2006 @ 11:22AM
John Russell said...
All I have to say is c'mon Apple, you can do better than this.
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12-27-2006 @ 11:27AM
Occh said...
Boring!
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12-27-2006 @ 12:10PM
Edsel said...
Amen to that, "K"! (#3) With Apple's 4th qtr performance announcement in a couple weeks, the timing couldn't be more fortuitous.
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12-27-2006 @ 12:11PM
Paddy said...
You could have got Enron shares pretty cheap too after their news broke.
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12-27-2006 @ 1:21PM
Bret said...
According to MacNN http://www.macnn.com/articles/06/12/27/analyst.jobs.not.at.risk/ Gene Munster of Piper Jaffrey has since posted a report indicating that it's unlikely that his Steveness was personally involved much less aware of the back dating of stock options. The stock has since rebounded to within .60 of yesterday's close.
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12-27-2006 @ 3:02PM
Jim said...
In my opinion, this was an obvious opportunity for market makers to make some profit. They lower the price trying to scare people into selling, and then bring it right back.......
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12-27-2006 @ 5:10PM
jon said...
Unfortunately, many technology companies have been doing this. It stems from backdating of stocks being common practice (and thought of as illegal) until the Eron and other scandals a few years ago. Since then, the government has been cracking down. The documents being "forged" probably comes down to some dates being misrepresented, but it's enough now to be a government suit, not just a civil one.
Let it pull the stock down a few more notches so I can afford to buy it.
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12-27-2006 @ 6:23PM
Sherman Homan said...
I hope you all acted fast on buying Apple shares...
APPL closed up today (12/27) at 81.52 a share!
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12-27-2006 @ 10:20PM
Thayne Miller said...
despite this news, apple is selling more and more macs and that means the future is bright for them. I still think apple's stock is a bargain at what it's at. You watch: by this time next year, it will be much over $100 per share.
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12-28-2006 @ 12:39PM
K said...
I'm actually happy apple's shares are going down, gives me the opportunity to buy some at cheaper prices!
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1-16-2007 @ 10:08PM
Vlad said...
It would be Steve's business only if he had sole propritorship. But Apple is a public corporation and thus subject to FCC rules. I think that there is more to the story and FCC and DOJ should look closely at Apples acct practices.
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