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Apple still faces legal hurdles on backdating practices

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I wrote in December that Apple was in more trouble than originally thought, when it was disclosed in their SEC filings that Apple was the target of multiple lawsuits concerning iTunes, Apple DRM, and patent issues. This in addition certain pending SEC action of illegal backdating of stock, and a potential investigation of Steve Jobs and the Apple board of directors that apparently falsified an entire meeting that was required to happen.

Apple's findings by an outside law firm and forensic accountants is likely to provide the road map for federal investigators. Among other things, Apple's probe found that Jobs' received tainted options, records were falsified to support a 2001 grant to Jobs, and Jobs ``recommended the selection of some favorable grant dates.''

How Apple can say with a straight face that none of is executives have done anything wrong is beyond me. When this thing starts rolling, Apple's stock is going to dive.

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The text of this article is Copyright © 2006,2007 Paul William Tenny. All rights reserved. This work is licensed under a Creative Commons Attribution-Share Alike 3.0 United States License. Attribution by: full name and original URL. Comments are copyrighted by their authors and are not subject to the Creative Commons license of the article itself.