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Apple probe clears Jobs of wrongdoing

Dec. 29, 2006 at 6:34 PM   |   Comments

CUPERTINO, Calif., Dec. 29 (UPI) -- Apple Computer Inc. told the U.S. government Friday it exonerated Chief Executive Steven Jobs of any wrongdoing in a stock options backdating probe.

Apple told the Securities and Exchange Commission Jobs did not benefit financially from any questionable stock awards, although it acknowledged the company's stock option procedures "did not include sufficient safeguards to prevent manipulation."

As a result of an internal investigation, Apple said it would record $84 million in expenses after admitting it misdated thousands of stock options grants, The Wall Street Journal reported.

The computer and iPod maker will correct financial data going back to 2002, it said.

An Apple board committee also exonerated current management, saying it had "complete confidence in Steve Jobs," the Journal said.

Reports this week -- that a stock options award to Jobs did not have proper board approval and some documents may have been falsified -- led to volatility in Apple shares.

Apple shares rose $3.97, or 4.91 percent, to close at $84.84 Friday on a volume of 38 million shares.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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