Skip to main content

News

Wed, 09 Aug 2006 Apple execs hire lawyers as options probe proceeds

Macworld staff

  • Email to a friend
  • Print this article
  • Bookmark this page
  • RSS feed

Apple executives are hiring lawyers as the company's stock options debacle continues.

The news emerges as Apple CEO Steve Jobs faces further enquiries following revelations that two senior executives at his one-time other company, Pixar, were also granted share options in a way that maximised their value.

Question of the day!

Mark Hattersley
Editor in Chief

Do you use Adobe Photoshop with a Wacom tablet?

Question of the day!

Do you use Adobe Photoshop with a Wacom tablet?

% of Macworld readers agree with you

Yes
TBC
No
TBC

How does a Wacom tablet improve the Photoshop experience?

124 characters remaining

Follow the conversation at @TabletChat

paintings & illustrations, mostly, which i upload to flickr.RT @fragmentedm

I draw manga/anime characters. I also do graphic design and photography.RT @spialelo

Yes. I usually put them up on my #deviantart account for feedback on how to improve.RT @spialelo

John Lasseter, the creative director behind Toy Story and Monsters Inc, and Pixar's president Edwin Catmull, were granted options just as Pixar shares hit a low point.

The Securities and Exchange Commission is investigating 80 companies amid suggestions that executives "routinely and illegally backdated the options to a low point in the shares," reports The Independent. However, the report also confirms that there is no evidence that the timing of these grants was "anything more than a coincidence".

Meanwhile, Law.com reports that current and former Apple executives are hiring lawyers to deal with the investigation of irregularities in its granting of share options.

Apple's former general counsel, Nancy Heinen has hired defence lawyers Cristina Arguedas and Miles Ehrlich to represent her in connection with the investigation.

Apple has hired George Riley, a partner with O'Melveny & Myers, to represent it before the government.

The company confirmed the investigation seems likely to require the company to restate profits going back to September 29, 2002.

Apple says it is focused on resolving these issues as quickly as possible and plans to file its Form 10Q and any required restated financial statements following completion of the investigation.

Email A Friend

Email this article to a friend or colleague:



PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

<<prev article | back to news index | next article>>

Latest News


More news...