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Apple CEO Subpoenaed in Backdating Case: Report

CNBC.com
Thursday, 20 Sep 2007 | 4:25 PM ET
Apple
Apple

Apple Chief Executive Steve Jobs was asked by U.S. securities regulators to give a deposition in a lawsuit against the company's former general counsel involving stock options backdating, Bloomberg reported, citing two people familiar with the matter.

The U.S. Securities and Exchange Commission subpoenaed Jobs for its case against former Apple general counsel Nancy Heinen, who was sued on April 24 for backdating option grants to Jobs and other executives, according to the report.

Apple officials told CNBC they had no comment.

According to a document filed in a California court on August 31, Heinen is seeking 45 depositions for the case while the SEC is looking to limit the number to 12 per party.

SEC lawyers have accused Heinen and former Apple Chief Financial Officer Fred Anderson of backdating more than $20 million in stock options in 2001 for Jobs, themselves and other executives.

Anderson in April said he had been told by Jobs that Apple's board had given its approval in the handling of the backdated stock options.

The SEC did not pursue charges against Anderson after he agreed, without admitting or denying the allegations, to pay $3.5 million in fines and disgorgement of profit.

The agency in April said it would not pursue enforcement action against Apple, but that the decision did not bar further civil claims against other Apple executives.

Cupertino, California-based Apple has said an internal review found two questionable options awarded to Jobs but found no wrongdoing by current management, including Jobs.

Shares of Apple were down 95 cents at $139.82 in early trading on Nasdaq.

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