This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Finds Option-Grant Irregularities

An internal investigation at Apple Computer (AAPL - Get Report) found irregularities related to certain stock-option grants made between 1997 and 2001.

Following the announcement, shares of Apple slipped $1.47, or 2.5%, to $57.50 in after-hours trading on Instinet.

The company said late Thursday that one of the grants in question was to CEO Steve Jobs, but "it was subsequently cancelled and resulted in no financial gain to the CEO."

However, Jobs was awarded restricted shares following the cancellation of that grant.

A special committee of Apple's outside directors has hired independent counsel to perform an investigation and the company has informed the Securities and Exchange Commission.

Apple executives will refrain from commenting further on this matter until the independent investigation is concluded.

"Apple is a quality company, and we are proactively and transparently disclosing what we have discovered to the SEC," said Apple CEO Steve Jobs. "We are focused on resolving these issues as quickly as possible."

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $130.97 -1.30%
FB $81.20 -0.87%
GOOG $552.62 -0.50%
TSLA $232.99 0.62%
YHOO $44.29 -0.16%

Markets

DOW 18,003.61 -34.36 -0.19%
S&P 500 2,100.81 -8.11 -0.38%
NASDAQ 5,029.1870 -31.0590 -0.61%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs