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AAPL Stock: 524.94 ( + 5.93 )

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Apple investigates stock grant issues

updated 04:40 pm EDT, Thu June 29, 2006

Apple 'Irregularities'

Apple today announced that an internal investigation has discovered irregularities related to the issuance of certain stock option grants made between 1997 and 2001. One of the grants in question was to CEO Steve Jobs, but it was subsequently cancelled and resulted in no financial gain to the CEO. A special committee of Apple's outside directors has hired independent counsel to perform an investigation and the company has informed the SEC. Apple executives will refrain from commenting further on this matter until the independent investigation is concluded. "Apple is a quality company, and we are proactively and transparently disclosing what we have discovered to the SEC," said Apple CEO Steve Jobs. "We are focused on resolving these issues as quickly as possible."




by MacNN Staff

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Comments

  1. jarod

    Joined: Dec 1969

    0

    snooze

    I don't get what the big deal is. A big waste of time to find out that nothing is wrong. Apple itself brought it up. Why would it if it had something to hide? Again; the kind of investors that Apple attracts are usually the dumbest and those are easily spotlighted as those who sell on bullshit.

  1. Timothy Flint

    Joined: Dec 1969

    0

    TO Jarod

    the kind of investors that Apple attracts are usually the dumbest and those are easily spotlighted as those who sell on bullshit. Gosh, I mus be an idiot!! I invested $12,000 in Apple two years ago and sold it at $120,000. I must be really dumb.

  1. jarod

    Joined: Dec 1969

    0

    to timothy

    thats mathematically impossible.

  1. Macsnscott

    Joined: Dec 1969

    0

    Mathematically possible

    I bought in at $9.52/share and earlier this year it was trading at $86.40 which is over 9 times my initial investment price. I didn't buy at the absolute bottom either, so 10 times his purchase price is possible.

  1. jarod

    Joined: Dec 1969

    0

    Nope

    2 years ago, AAPL was no where ear $9.52

  1. ccsccs7

    Joined: Dec 1969

    0

    2 years ago

    2 years ago, no. Try a decade.

  1. mmmdoughnuts

    Joined: Dec 1969

    0

    Split

    Um. Well, no. There was a stock split a few years back. Makeing the $16-20/share prices $8-10 now. It was very easy to make 10x from apple. I just wish it would go back up to $80 so I could cash out.

  1. testudo

    Joined: Dec 1969

    0

    Re: snooze

    I don't get what the big deal is. A big waste of time to find out that nothing is wrong.

    If there was going to be nothing wrong, why in the world would they even investigate. There apparently was something wrong, or something looks wrong, and they want to make sure that either wasn't the case or they find out what the problem is and make sure its corrected.

    Apple itself brought it up. Why would it if it had something to hide?

    Who said they had something to hide, or were trying to hide it. And would you feel better about a company that didn't investigate the irregularities, or did it quietly and never told the investors about it. Man, that sounds like something Enron or Adelphia would do.

    Plus, since it affects their stock, it affects their SEC filings. You better believe they want to make sure they make it public, because if SEC auditors find it, they're in for a world of hurt.

    Again; the kind of investors that Apple attracts are usually the dumbest and those are easily spotlighted as those who sell on bullshit.

    Then this would lead me to think a couple of things. One, investing in Apple is the stupidest thing any smart investor would do. Since the stock price is determined by supply/demand economics, and mob mentality, if the mob is full of idiots, then trying to invest in the company requires you to figure out what the idiots will do, not trying to figure out what the financials mean for the future.

    And, two, aren't you, Jarod, an Apple investor? What are you saying about yourself?

    Oh, on the other hand, it was more like three years ago when the stock bottomed out at 8 bucks a share. But, still, $8 to $80 in 3 years seems a bit drastic. Maybe those stupid investors were over-inflating the price?

  1. jarod

    Joined: Dec 1969

    0

    testudo

    Investors that dump the price on news like this are not your typical AAPL investors. These people fall into the following categories:

    - they dont really know anything concrete about the company outside what their 'financial advisor' tells them.

    - they have invested with borrowed money

    Real investors would know that the AAPL stock hasn't even taken off yet. With all the great performance that it has already achieved, I think we have seen nothing yet. Apple is the ONLY tech company actually making a difference in the world today and almost everything they are doing is coming out positive. Why would anyone in their right mind bet against that?

    That's all Im trying to say. Bet on FACTS not whim.

  1. SubPop

    Joined: Dec 1969

    0

    enron, worldcom?

    I don't think the SEC has found all the Enrons and WorldComs yet, and looking at past practises and the ego mentality that went on in those companies and what's been happening at Apple, I would be very cautious about buying stock right now...

    I just hope it's only a coincidence..

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