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Anlayst: Apple CFO likely lacks proof

updated 01:30 pm EDT, Wed April 25, 2007

Former CFO may lack proof

Yesterday former Apple CEO Fred Anderson, who agreed to pay $3.5 million to make up for his personal gains in the company's stock options scandal, pointed to Apple boss Steve Jobs by saying he informed the CEO of accounting implications related to the primary stock option grant in question. Research firm JMP Securities today predicted that Anderson's claim is not likely documented, and that no evidence exists to back his claim. "Given that Apple's in-depth, six-month review conducted by the company and independent counsel and accountants amounted to over 26,000 person-hours reviewing over 1 million documents, with the committee finding no misconduct by current management, there is likely no documentation to back up Mr. Anderson's comments," said JMP Securities analyst Ingrid Ebeling. JMP Securities maintains its $100 price target with an 'outperform' rating on Apple shares.

"The committee concluded that Steve Jobs was aware or recommended some favorable grant dates, but he did not receive or financially benefit from them."

The SEC has said it will not pursue further action against Apple, but may still come after Jobs. Additionally, the U.S. Attorney's office could also pursue a criminal case against Apple and individuals involved.




by MacNN Staff

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  1. Feathers

    Joined: Dec 1969

    0

    biting the hand?

    Considering it was S.J. that appointed Fred Anderson in the first case, this looks a bitter case of biting the hand that feeds. When you take into consideration the fact that Anderson need only repay the charges determined by the difference in value of the shares on the disputed dates, he still made a LOT of money and he's not prevented from sitting on boards in the future. What's his problem?

  1. testudo

    Joined: Dec 1969

    0

    Re: biting the hand?

    How is it biting the hand that feeds you? In case you didn't realize this, Freddy no longer works there. Ergo, its more like "biting the hand that once fed you, but kicked you out a year ago".

    And you're making it sound like he's running a personal vendetta against Jobs, appearing wherever he can to tell anyone who will listen that Jobs was in on it. All I've heard about is what he said during the investigation, to the investigators. What should he do, make up stories and blame it all on Gore?

    BTW, keep in mind he's paying a fine for the difference in price on the shares of Job's shares, not his own.

  1. testudo

    Joined: Dec 1969

    0

    One more thing

    What's the deal with the picture of the golden gate bridge shrouded in fog? And how does this tie into Apple, the SEC, or this stock grab?

  1. trevj

    Joined: Dec 1969

    0

    re: one more thing

    Did you not notice Fred standing there on the bridge railing?

  1. elroth

    Joined: Dec 1969

    0

    testudo?

    You might want to get your facts straight. We have no idea what Anderson told investigators. What we have is a public statement from his attorney, who is paid to put the best light on Anderson. This is PR. Unless Anderson did actually tell it to the investigators and there is some corroboration, there is nothing there.

  1. Luke MacWalker

    Joined: Dec 1969

    0

    Re: One more thing

    Click on the picture, you'll get your answer...

  1. rtbarry

    Joined: Dec 1969

    0

    testudo...

    i thought we told you to stop flicking poo around the sandbox. just pay attention and try to stay quiet unless you've got something valuable to add. occasionally you, but those rare instances are drowned out by your constant crapflooding.

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