Apple's Jobs apparently in the clear in options probe
Cupertino (CA) - Apple today filed its Q2 and fiscal 2006 forms, which had been delayed due to an investigation in stock option grants. The company said that it will take a $84 million non-cash charge as a result of the findings of its investigation and is "confident that the Company has corrected the problems that led to the restatement."
Also, Steve Jobs, who just yesterday had become the target of reports that he was aware of inappropriate backdating practices, has been cleared by the company : "[The board of directors] has complete confidence in Steve Jobs and the senior management team."
Confirming yesterday’s report in the Financial Times, Apple admitted that a board meeting which was claimed to have been taken place to approve a grant of 7.5 million shares grant to Jobs, in fact never happened. While it is troubling that Jobs apparently was aware that an actual board meeting would have been required to approve the grant, Apple stated that he exercised those options and essentially cleared him from any accusations.