Apple stock backdating scandal
At its height, the backdating scandal touched dozens of local companies that came under federal investigation or launched their own accounting reviews, which led in some cases to firings, earnings restatements and shareholder lawsuits.Even Apple CEO Steve Jobs came under investigation; he was never charged with wrongdoing, although two other Apple executives paid millions to settle lawsuits by the Securities and Exchange Commission, without admitting fault.Heinen is being targeted primarily for her involvement in a December 2001 grant of 7.5 million stock options to Jobs that was backdated to October. The former top Apple legal aid is also charged with self-dealing on a grant to herself, as well as the fabrication of meeting minutes to show the Apple Board of Directors approved the aforementioned grant to Jobs on Oct.
Five of those received prison sentences, as opposed to probation or fines.This month's subpoena, however, signifies the second time he's been called upon for questioning by federal investigators regarding his company's backdating scandal.In January, he arrived at the San Francisco federal building for an interview with the Justice Department and the Securities and Exchange Commission flanked by lawyers, though the subject of the meeting was never made public.Apple chief executive Steve Jobs has been subpoenaed by the U. Securities and Exchange Commission to give a deposition in a backdating lawsuit against the company's former general counsel, Bloomberg is reporting.The subpoena isn't part of an SEC investigation, people familiar with the matter say, but rather seeks Jobs's testimony in the Commission's lawsuit against Nancy Heinen, who was sued April 24 for allegedly backdating stock-option grants to Jobs and other members of Apple's executive team.