According to the announcement, the irregularities related to some stock option grants the company made between 1997 and 2001, including a grant to CEO Steve Jobs. Jobs’ grant was later cancelled, and the company said he received no financial gain.
“Apple is a quality company, and we are proactively and transparently disclosing what we have discovered to the SEC,” said Apple CEO Steve Jobs in the announcement. “We are focused on resolving these issues as quickly as possible.”
A special committee of Apple’s outside directors hired independent counsel to conduct an investigation, and the company has informed the SEC of the irregularities.
Apple joins the ranks dozens of companies undergoing investigations to determine whether they may have defrauded investors by deliberately backdating option grants to coincide with low stock prices (See Stock Option Probe Biggest Since Abusive Fund Trading Cases ).