Backdating charge grant option stock
The company and its independent auditors are reviewing the findings of the independent investigation.
Management continues to believe, and the audit committee agrees, that Apple will likely need to restate its historical financial statements to record non-cash charges for compensation expense relating to past stock option grants.
As part of the settlement, KLA-Tencor did not admit or deny the accusations, but agreed to an order that bars it from violating federal securities laws.
In the wake of the scandal, KLA-Tencor fired Schroeder, canceled stock options he held and reversed charges for million in options and restricted stock.
Apple initiated this voluntary independent investigation after a management review discovered irregularities in past stock option grants.• In a few instances, Apple CEO Steve Jobs was aware that favorable grant dates had been selected, but he did not receive or otherwise benefit from these grants and was unaware of the accounting implications.• The investigation raised serious concerns regarding the actions of two former officers in connection with the accounting, recording and reporting of stock option grants.
Marc Fogel, associate regional director for the SEC, challenges the defense that Schroeder inherited a flawed granting process.Do you ever wish that you could turn back the hands of time?Some executives have, well, at least when it comes to their stock options."We are responsible, Mike and I are the CEOs and we don't duck it.We put our money on the table and we stand behind it," Mr. The company said its executives will also repay all the benefit they received from options that were incorrectly priced. Balsillie said his own obligation will be "far, far less" than the -million he has volunteered to pay to cover the investigation costs.
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“Help me, don’t just tell me how to follow a strict interpretation of rules,” Schroeder wrote. His legal team said Schroeder inherited an option-granting process that was set in motion before he was promoted to chief executive, then trusted associates’ advice on legal and accounting issues.