Shares of Apple Computer fell after new details of a federal investigation into the company's stock options practices raised questions about the role of its charismatic CEO, Steve Jobs.
The Financial Times reported today that Apple CEO Steve Jobs may have taken 7.5 million stock options in 2001 without proper approval. That article has added to the speculation that Jobs may lose his top spot at the company--if he is in fact implicated in the backdating scandal. Roger Kay, president and founder of Endpoint Technologies, was on “Morning Call” to discuss just how important Steve Jobs is to Apple – and its stock.
Shares of Apple Computer rebounded from a 6% selloff after a legal publication reported that federal prosecutors are probing whether former company executives forged documents to maximize executives' stock option profits.
The U.S. Securities and Exchange Commission is changing the way companies disclose grants of stock option awards to executives, according to a press release on its Web site dated Friday.
Stock options in the United States are falling out of favor as a perk amid scandal and accounting and legal changes, according to an analysis reported by the Wall Street Journal on its Web site on Thursday.
Another twist in the controversy over stock options. A new academic study on backdating suggests many outside directors--who are supposed to safeguard against cozy relationships with management--received manipulated grants themselves. Alan Murray is Managing Editor of The Wall Street Journal. He was on "Morning Call" to discuss the issue.
Apple Computer said it has delayed filing its annual report with the Securities and Exchange Commission due to its ongoing investigation into stock option grants.
Monster Worldwide said it overstated profit from 1997 to 2005 by a total of $271.9 million, a result of its investigation into historical stock option grants and accounting.
Google employs a lot of brilliant minds, but even smart people have trouble figuring out how much their stock options are really worth.
Shares of Home Depot slipped in early trading after the world's largest home improvement retailer said on Wednesday it had found almost 20 years of option grant backdating, resulting in about $200 million of unrecorded expenses.
The Home Depot said Wednesday an internal investigation of the company's stock option practices has concluded that errors caused it to have roughly $200 million in unrecorded option expense over a 26-year period.
A record number of U.S. corporate bosses have left their jobs this year, in part reflecting the widening stock options backdating scandal, according to data released today.