AidenShaw
macrumors P6
Today's Page 1 headline in the Mercury News...
http://www.mercurynews.com/mld/mercurynews/16380949.htm
STOCK OPTIONS SCANDAL
Suit turns up heat on Apple
SHAREHOLDER ACTION CITES SUSPICIOUS GRANT DATES AT APPLE AND PIXAR
By Scott Duke Harris
Mercury News
A civil lawsuit containing new assertions about Apple Computer's stock options practices is putting the fabled company and Chief Executive Steve Jobs under more intense scrutiny.
The lawsuit claims that Apple improperly made grants to three senior executives in August 1997, a day before the company announced a major investment from Microsoft that boosted Apple's stock.
Additionally, it says Jobs netted $300 million in profit by selling Apple shares on March 19, ``just one day'' after the Wall Street Journal reported widespread backdating on options in corporate America.
The suit also says Apple's options irregularities coincided with suspicious grants at Pixar, the animation studio where Jobs was the biggest shareholder and which Disney acquired last year.
...
``This is no longer a case in which the defense says, `We didn't understand the accounting implications.' It's now a coverup case, and the backdating was more widespread than we initially thought,'' said Mark Molumphy, an attorney with the Burlingame firm Cotchett Pitre Simon & McCarthy, the lead counsel on the Dec. 18 lawsuit.
...
http://www.mercurynews.com/mld/mercurynews/16380949.htm
STOCK OPTIONS SCANDAL
Suit turns up heat on Apple
SHAREHOLDER ACTION CITES SUSPICIOUS GRANT DATES AT APPLE AND PIXAR
By Scott Duke Harris
Mercury News
A civil lawsuit containing new assertions about Apple Computer's stock options practices is putting the fabled company and Chief Executive Steve Jobs under more intense scrutiny.
The lawsuit claims that Apple improperly made grants to three senior executives in August 1997, a day before the company announced a major investment from Microsoft that boosted Apple's stock.
Additionally, it says Jobs netted $300 million in profit by selling Apple shares on March 19, ``just one day'' after the Wall Street Journal reported widespread backdating on options in corporate America.
The suit also says Apple's options irregularities coincided with suspicious grants at Pixar, the animation studio where Jobs was the biggest shareholder and which Disney acquired last year.
...
``This is no longer a case in which the defense says, `We didn't understand the accounting implications.' It's now a coverup case, and the backdating was more widespread than we initially thought,'' said Mark Molumphy, an attorney with the Burlingame firm Cotchett Pitre Simon & McCarthy, the lead counsel on the Dec. 18 lawsuit.
...