Filed under: Apple Corporate, Apple Financial, Bad Apple, Apple
Apple forges financial docs
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.
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Reader Comments (Page 1 of 1)
John Russell said 11:22AM on 12-27-2006
All I have to say is c'mon Apple, you can do better than this.
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Occh said 11:27AM on 12-27-2006
Boring!
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Edsel said 12:10PM on 12-27-2006
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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Paddy said 12:11PM on 12-27-2006
You could have got Enron shares pretty cheap too after their news broke.
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Bret said 1:21PM on 12-27-2006
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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Jim said 3:02PM on 12-27-2006
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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jon said 5:10PM on 12-27-2006
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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Sherman Homan said 6:23PM on 12-27-2006
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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Thayne Miller said 10:20PM on 12-27-2006
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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K said 12:39PM on 12-28-2006
I'm actually happy apple's shares are going down, gives me the opportunity to buy some at cheaper prices!
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Vlad said 10:08PM on 1-16-2007
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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