Apple backdating stock

The company took million in charges to correct its accounting.

Jobs did nothing wrong, Apple said, because he didn't understand the relevant accounting laws.

He apologized on behalf of the company and was deposed in the case."This is it for backdating of stock options and Apple," Peter Henning, a law professor at Wayne State University, said of Heinen's settlement.

"Steve Jobs dodged a bullet."Heinen, who neither admitted nor denied the allegations, agreed to not serve as an officer at a public company for five years and not practice law for three years."With this lawsuit behind me, I look forward to addressing the greater challenges of social justice and economic justice," she said in a statement. Earlier this year, the Justice Department concluded that its investigation into Heinen, Apple and other executives would not result in criminal charges, according to people familiar with the case who spoke on condition of anonymity.

Some companies changed the grant dates of their options to coincide with a dip in the stock price, making them worth more.

Although backdating is legal, it must be disclosed as an expense. In 2006, as scrutiny of the practice began to increase, Apple admitted that it had improperly backdated stock options over a six-year period starting in 1997.

In 2007, the SEC sued Heinen and Fred Anderson, the company's former chief financial officer, over their alleged involvement.



SAN FRANCISCO — The Securities and Exchange Commission on Thursday settled the last civil case against a former Apple Inc.executive accused of stock-option fraud, closing its investigation into one of Silicon Valley's highest profile companies.


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