Understated compensation: 0 million, at this count.
While that’s not material to the company, it might well have been material to those who received some of it.
However, Apple’s former CFO Fred Anderson, who was on Apple’s board, and general counsel Nancy Heinen, did have complaints made against them.
Ultimately, Anderson resigned and Heinen paid a .2 million fine without admitting liability.
It’s a nice bonus if the company has increased in value.
(who broke the backdating story), Jobs was awarded 7.5 million shares approved at Apple’s August 29, 2001, board meeting. However, because Jobs continued to argue over the point at which they would vest, Apple missed the deadlines it needed to file the right information with the Securities and Exchange Commssion and its auditors.
Because of how widespread the behavior was, it never presented a realistic possibility that Jobs would lose his, err, job as part of the scandal.
However, it was certainly enough to cause a bit of concern at Apple, considering the crucial role Jobs had played in turning the company around since his return a decade earlier.
Backdating was then carried out to give Jobs a lower share price which, on paper, made him million richer.It’s only fair to pursue these investigations until the facts have been found, and then stop – even if they go back a long time.When the trail’s cold, then there’s no choice but to stop.The investigation found that, for annual stock option grants and certain quarterly grants from 1981 through November 2000, the stated grant date was earlier than the actual time the grants were approved, according to Home Depot, adding that in almost every instance the stock price on the apparent approval date was higher than the price on the grant date. Attorney for the Southern District of New York has also requested information, and Home Depot has said it was cooperating with both.The retailer's independent review, covering its 26 years as a public company and conducted by the audit committee with outside counsel, concluded that there was no intentional wrongdoing by any current member of its management team or board. Securities and Exchange Commission had launched an inquiry into its stock option practices. Stock option grant dates have come under the scrutiny of the SEC and the Department of Justice.