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You see, if you backdate stock options to a date when the price of the stock was lower, then the options are "in-the-money" when granted.That means the company incurs an expense equal to the difference in the share price between the two dates.She settled the case without admitting or denying the charges, the SEC said.The charges relate to two large options grants to senior executives of Apple, including a grant to Chief Executive Steve Jobs of 7.5 million options in December 2001.After all, stock option backdating is all the rage these days.
That seemed like a contradiction to me, but whatever.Apple, the fast-growing consumer electronics company, was also investigated for irregularities over its accounting for stock options awarded to employees. “I cherish the great people I worked with at Apple, and I am proud of my contributions to its historic turnaround and current success,” Heinen said in a statement.The SEC later cleared the company after it cooperated with the investigation, but sued former Apple Chief Financial Officer Fred Anderson and Heinen. “With this lawsuit behind me, I look forward to addressing the greater challenges of social justice and economic disparity.” The SEC said Heinen caused Apple to fraudulently backdate the two large grants — a February 2001 grant of 4.8 million options to Apple’s executive team, including herself, and the December 2001 grant to Jobs.This apparently violates a whole bunch of SEC rules.Heinen also exercised and sold 400,000 back-dated shares.