Apple Computer stock options probe reports no misconduct

[JURIST] Apple Computer, Inc. [corporate website] Friday disclosed the findings of an internal report into alleged stock option manipulation by senior managers, including CEO Steve Jobs, purporting to clear its executives of any wrong-doing and concluding that Jobs did not "financially benefit" [Miami Herald report] from stock options, despite knowledge of favorable grant dates. Apple was facing a US Securities and Exchange Commission (SEC) [official website] probe in connection with various alleged securities violations [CNN report], including a failure to properly disclose option backdating. After concluding the internal investigation, Apple restated its yearly financial statements with the SEC, completing a three-month probe [AP report]. Reuters has more.

Apple is meanwhile addressing other legal problems. One lawsuit against it, filed November 20, contends that the Apple iBook G4's logic board fails at an abnormal rate. Another filed October 24, claims patent infringement from the company's Nike+iPod Sport Kit. On December 20 a federal court refused to dismiss a third complaint alleging that it engaged in monopolistic selling practices [AP report] by using its proprietary copy-protection system to only allow iTunes [store website] music and movies to be played on its iPod [product website] MP3 players.

 

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