Apple CEO Subpoenaed in Backdating Case: Report

Thursday, 20 Sep 2007 | 4:25 PM ET

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.

  Price   Change %Change


Contact Technology


    Get the best of CNBC in your inbox

    › Learn More
  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.