Options Take Bigger Bite Out of Apple

Updated from 8:38 a.m. EDT

Options backdating at Apple Computer (AAPL Quote) was apparently much more prevalent than the company had led investors to believe.

And that's not good news for investors. Not only does it mean that investors will likely have to throw out Apple's past earnings reports, but also, it likely increases the possibility that Apple will draw the attention of federal regulators.

Even worse, the news also increases the odds -- however remote they still may be -- that CEO Steve Jobs may be forced to leave the company as a result. ...