“Apple Computer’s former chief financial officer, Fred Anderson, as well as its most recent top legal aid, Nancy Heinen, may be the two former executives whose actions were brought into question regarding the company’s ongoing stock options scandal, one Wall Street analyst says. ‘Yesterday, Apple provided an update on its options investigation through an 8-K filing and press release,’ American Technology Research analyst Shaw Wu told clients on Thursday,” Katie Marsal reports for AppleInsider.
“In its release, Apple said stock option grants made on 15 dates between 1997 and 2002 appear to have been backdated, and reiterated that it will likely need to restate its historical financial statements as a result,” Marsal reports. “As part of its disclosure Wednesday, Apple also mentioned it has ‘serious concerns’ regarding two unnamed former executives who may be responsible for the counting, recording, and reporting of questionable stock options grants.”
“‘From our assessment, we believe the executives could be former CFO Fred Anderson, who resigned from the Board of Directors, and former general counsel Nancy Heinen,’ Wu told clients. Heinen, who abruptly turned in her resignation from Apple in May, is the only former company executive reported to have independently sought legal counsel as a result of the ongoing options scandal. In August she obtained the services of East Bay defense lawyers Cristina Arguedas and Miles Ehrlich to represent her in connection with the probe,” Marsal reports. “Meanwhile, Apple as a company has hired George Riley, a partner with O’Melveny & Myers, to represent it in the advent of a government investigation.”
More in the full article here.
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