Backdating Scandal Hits Apple, Jobs
Bookmark & ShareDecember 29, 2006
Apple Computer CEO Steve Jobs has reportedly hired his own attorney to deal with a stock options scandal that is putting his career and reputation on the line. That attorney will reportedly help Silicon Valley's most famous executive deal with a federal investigation into apparently falsified documents. Some analysts say this means Jobs and Apple are now moving in different directions. Investors are beginning to worry that Jobs' future at Apple is in doubt. More than 190 companies are under internal or federal investigation to find out whether they falsified stock option grant dates. More than 60 executives have quit or been fired. Some estimates say stockholders have lost more than $100 billion as companies are forced to restate earnings. A new report from the UNIVERSITY OF IOWA says almost 30 percent of all companies that granted options manipulated them in some way. KCBS is based in San Francisco.
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