Apple admits to backdating options English aunty live sex
Thursday joined the legion of companies that say they have discovered irregularities related to the issuance of stock options.An internal investigation dug up irregularities related to grants made between 19, the company said in a statement.It may be time to put a cork in Silicon Valley's most famous law firm.
Further, backdated options granted to at least three employees which have since been unexercised, will be cancelled.
But before that time - before the company caught wind of the SEC's probe - "certain executives and employees selected numerous grant dates after the fact." Though backdating options - granting employees the right to purchase stock now based on yesterday's prices - is not illegal, the practice has become questionable, and may very well become illegal after a new Congress convenes next month.
In the meantime, improperly accounting for those options is illegal.
An independent audit committee assembled by network technology provider Broadcom in the wake of the industry-wide SEC options backdating scandal, has found that stock options granted to executives and employees for a nearly five-year period were improperly accounted for.
Last Thursday, the company stated this morning, the Securities and Exchange Commission informed Broadcom that its investigation has entered the formal stage.