“The Securities and Exchange Commission is holding up a final settlement with Brocade Communications Systems as the SEC reportedly considers whether backdated stock options harmed shareholders,” CNNMoney.com reports.
“The Wall Street Journal reported Thursday that SEC Chairman Christopher Cox and his four fellow commissioners are still not certain whether and how to penalize companies where backdating occurred. The internal debate has delayed a formal commission vote on a proposed $7 million settlement SEC reached with Brocade a year ago,” CNNMoney.com reports.
“Brocade, which makes computer network switches and software, was one of the first companies to reach a settlement with the SEC on a backdating case,” CNNMoney.com reports. “The case could affect pending settlements at other companies, including chipmaker Analog Devices, and set the direction for a number of other high-profile backdating probes by regulators, including one at Apple.”
CNNMoney.com reports, “The Journal says that the questions being looked at by the SEC and its staff, including its economists, also focus on whether the executives were compensated differently than shareholders believed. Being considered as well is whether there is a value to the company of using backdated options to attract and retain employees.”
Full article here.
Well, if that’s the criteria, for Apple’s CEO, it’s “Case Closed.” Apple wouldn’t even exist today without Steve Jobs.
Related articles:
More charges likely in stock options backdating cases – March 04, 2007
SEC won’t bring charges in all options backdating cases – February 12, 2007
Report: Steve Jobs signed off on Pixar deal with backdated options for Lasseter – February 10, 2007
Apple CEO Steve Jobs questioned in options backdating probe – January 23, 2007
Lead prosecutor in Apple options investigation leaves fed post to join private law firm – January 22, 2007
US Attorney Kevin Ryan resigns: What it could mean for Apple – January 18, 2007
Steve Jobs worth $20 billion to Apple Inc. – January 17, 2007
Report: Apple axed lawyer who worked on Steve Jobs’ stock-option grant – January 05, 2007
RUMOR: Steve Jobs will take leave of absence from Apple Computer – January 05, 2007
Apple CEO Steve Jobs getting special treatment in options backdating scandal? – January 04, 2007
Could Apple thrive without Steve Jobs? – January 04, 2007
Apple stock-option fallout: investor lawsuit and twin U.S. gov’t investigations – January 04, 2007
WSJ: Steve Jobs, backdating miscreant – January 03, 2007
Should Steve Jobs be allowed to survive Apple’s options backdating scandal? – January 02, 2007
Apple options probe shines spotlight on former execs Anderson and Heinen – January 02, 2007
ThinkEquity analyst: Apple sell-off due to ‘inexperienced traders,’ nothing new in options story – December 28, 2006
Analyst: U.S. Gov’t unlikely to ‘nail Apple and Steve Jobs’ – December 28, 2006
Report: Apple ‘falsified’ records on 7.5m stock options granted to CEO Steve Jobs in 2001 – December 28, 2006
What would Apple be worth without Steve Jobs? – December 27, 2006
Piper Jaffray: Steve Jobs not at risk in stock options case – December 27, 2006
Apple shares push into positive territory, top NASDAQ most-active list – December 27, 2006
Shares of Apple Computer fall 5% in pre-market trading – December 27, 2006
Faked documents may be at core of Apple options probe; Jobs seeks outside legal representation – December 26, 2006
Apple delays filing annual report due to ongoing stock options investigation – December 15, 2006
Options scandal: is Apple’s Steve Jobs truly safe? – October 18, 2006
Apple Computer Directors may have had conflicts of interest in options investigation – October 11, 2006
Apple’s options disclosures leave plenty of unanswered questions – October 09, 2006
Apple shareholders await earnings restatements; Steve Jobs still not in the clear – October 06, 2006
Former CFO Anderson helped turn Apple Computer around – October 05, 2006
Wall Street unshaken by results of Apple stock options investigation – October 05, 2006
Is Apple rotten at the core? – October 05, 2006
Analyst: Anderson, Heinen may be former Apple executives responsible for irregular options grants – October 05, 2006
Analyst: Apple restatement due to options irregularities not expected to be significant – October 04, 2006
Apple’s special committee reports findings of stock option investigation – October 04, 2006
Google CEO declines Apple automatic stock option grant; plans to buy 10,000 AAPL shares instead – September 01, 2006
Google CEO Dr. Eric Schmidt joins Apple’s Board of Directors – August 29, 2006
Shareholders allege Apple execs reaped ‘millions’ in unlawful profits – August 23, 2006
How options-backdating irregularities can affect your Apple Computer stock – August 23, 2006
Apple’s options imbroglio: Mac-maker granted options at or near key events in company’s history – August 18, 2006
Apple added to Nasdaq’s list of ‘delinquent companies’ – August 18, 2006
Apple unlikely to be delisted by NASDAQ – August 16, 2006
Apple CEO Steve Jobs drawn into stock options scandal – August 15, 2006
Apple announces update regarding stock option grants – August 11, 2006
As expected, Apple delays quarterly results due to stock-options grants review – August 11, 2006
Some stock options grant decisions were made by Apple board, and potentially, CEO Steve Jobs – August 10, 2006
Disney: no material impact from Pixar options – August 09, 2006
Pixar options draw scrutiny – August 08, 2006
Apple stock options scandal? What scandal? – August 07, 2006
Class action lawsuit over stock options filed against Apple Computer, Inc. – August 04, 2006
Wall Street forgiving of Apple’s stock option irregularities; CEO Jobs unlikely to be terminated – August 04, 2006
Apple’s stock option irregularities escalate into a scandal as world awaits Steve Jobs’ WWDC keynote – August 04, 2006
Apple warns of profit restatement dating back to 2002 – August 04, 2006
Apple loses 3.5% to $67.15 in premarket trading – August 04, 2006
Apple announces update regarding stock option grants – August 03, 2006
Shareholder’s options suit against Apple alleges ‘striking pattern that could not have been chance’ – July 11, 2006
Apple announces update regarding stock option grants – July 05, 2006
UBS: stock options probe unlikely to hurt Apple – June 30, 2006
Apple joins growing list of companies entangled in stock option ‘irregularities’ – June 29, 2006
Apple to investigate stock option grant ‘irregularities’ made between 1997 and 2001 – June 29, 2006
Generally, Chris Cox is a thoughtful guy on these issues, and boy are he and his commissioners going to need every ounce of brainpower they have to get this one right. Obviously, this is not just about Apple. It could damage so many companies that it pushes the economy into a recession. The biggest losers in a recession, of course, are the average workers who lose their jobs. The solution is not to ignore accounting regs, but to use the right standard for launching prosecutions, as well as for settlements.
Was the value of Apple shares lowered? No.
Apple does not pay dividends. No.
No harm to shareholders. No harm!
My backdating options are pretty limited since my old girlfriend took out a restraining order.
As has been previously stated, the only real harm has been to Apple’s own employees, whose shares were cut due to an “unforseen shortage” of stock available for disbursement. And this during the largest run-up in Apple stock ever.
The SEC needs to set forth more definitive guidelines for future enforcement. Drop the issue and move on. they’re wasting too much time and money on something that is just not that importtant. And, yes they would do harm to both the companies involved and the economy if they contine on this ridiculous path.
: Twisted Mac Freak
you made my day!
hotinplaya:
“The case could affect pending settlements at other companies, including chipmaker Analog Devices, and set the direction for a number of other high-profile backdating probes by regulators…”
…speculation to make news
“The case could affect pending settlements at other companies, including chipmaker Analog Devices, and set the direction for a number of other high-profile backdating probes by regulators…”
…speculation to make news
“The case could affect pending settlements at other companies, including chipmaker Analog Devices, and set the direction for a number of other high-profile backdating probes by regulators…”
…speculation to make news