Analyst reinforces stance on SEC probe

Recent reports suggest that the Securities & Exchange Commission (SEC) is unlikely to press charges against Apple boss Steve Jobs for his alleged role in backdating stock option grants. Senior analyst Gene Munster of research firm Piper Jaffray today in a research note obtained by MacNN expressed little surprise as a result of the new development. "We are not surprised with these developments as it has been our position throughout this investigation that Steve Jobs isn't liable as the compensation committee at Apple is run by an independent board that is not comprised of Apple employees," Munster wrote. The analyst also expressed a positive view regarding the decision of former Apple CFO Fred Anderson to settle with the SEC. "We are glad to see Fred Anderson, former CFO, settle with the SEC with no admission of wrongdoing and hope that former chief legal counsel Nancy Heinen does the same." Piper Jaffray maintains its 'Buy' rating on Apple shares with a $145 price target.

Filed under: Apple