“Apple Inc. Chief Executive Officer Steve Jobs was subpoenaed by the U.S. Securities and Exchange Commission to give a deposition in a backdating lawsuit against the company’s former general counsel, two people familiar with the matter said,” Karen Gullo and David Scheer report for Bloomberg.
“The subpoena isn’t part of an SEC investigation, one of the people said. It seeks Jobs’s testimony in the SEC’s lawsuit against Nancy Heinen, who was sued April 24 for allegedly backdating stock-option grants to Jobs and members of his executive team, said the people, who requested anonymity because deposition subpoenas aren’t made public,” Gullo and Scheer report.
“Heinen was sued for allegedly backdating a 7.5 million share-option grant to Jobs in 2001 and an earlier grant to his executive team. Jobs recommended some favorable dates on options other than his own, Apple said Dec. 29. Heinen’s lawyers sought to depose 45 people, including the recipients of the grants, according to a court filing,” Gullo and Scheer report.
“The SEC alleges Heinen directed her staff to prepare documents that falsely stated the company’s board approved the grants on the earlier date, the SEC said in its lawsuit. She has denied the claims. Deposition testimony is used at trial or during evidence gathering,” Gullo and Scheer report. “The SEC said April 24 that it wouldn’t sue Apple over the backdated options and declined to say whether the investigation of the Cupertino, California-based company was still active.”
More details and past history in the full article here.