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AAPL Stock: 130.28 ( + 0.61 )

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Apple execs seek counsel for probe

updated 02:25 pm EDT, Wed August 9, 2006

Apple execs seek counsel

Apple executives are seeking legal counsel in the face of a backdating probe which the company launched in late June. Apple has hired George Riley, a partner with O'Melveny & Myers, to represent the company in connection with the government investigation, which launched in mid-July. Meanwhile the company's long-time general counsel Nancy Heinen, who left the company in May of 2006, has hired East Bay defense lawyers Cristina Arguedas and Miles Ehrlich to represent her before the government, according to The Recorder. The probe has already produced investor lawsuits charging Apple executives and directors with manipulating the option grant dates of specific stock options to maximize personal profits.




by MacNN Staff

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Comments

  1. skyman

    Joined: Dec 1969

    0

    Not a good sign.

    Attorneys means there is trouble brewing....

  1. ClevelandAdv

    Joined: Dec 1969

    0

    Show me the money

    Lets hope that this gets resolved quickly and without too much damage to the executives. Otherwise it could continue to derail a stock that should be booming right now. The products and sales of Apple are not some neat accounting trick. I just left a local Apple store and it was packed with people buying new Macs, as it seems to be every time I am there lately. The new MacBooks, and Mac Pros are wicked machines at competitive prices.

  1. LouZer

    Joined: Dec 1969

    0

    Big deal

    Let's see: A company and its officers get sued. Officers, because they aren't complete idiots, talk to legal counsel.

    If you ever get sued or have anything to do with any type of legal proceeding, and don't consult a lawyer, you're just leaving yourself open to get your a** kicked.

    How is this news?

  1. joeyschmoe

    Joined: Dec 1969

    0

    iProbe

    sounds like a legal program for lawyers in the financial industry.

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