Stock option backdating settlements
The SEC charges are the first in the months-long Apple investigation.
Jobs was interviewed by the SEC and federal prosecutors in San Francisco, but no charges have been filed against him.
Ruling from the bench, the Court rejected the majority of Defendants' motions to dismiss, finding that the Amended Complaint properly stated claims under Section 10(b) and Rule 10b-5 against defendants Broadcom, Henry Samueli (former Chairman and Chief Technical Officer), William Ruehle (former Chief Financial Officer), David Dull (former General Counsel), Werner Wolfen (former director who served simultaneously on the Compensation and Audit Committees) and Alan Ross (former Chief Executive Officer and director who served simultaneously on the Compensation and Audit Committees).
New Mexico Obtains 0.5 Million Settlement In December 2009, New Mexico reached an agreement-in-principle with Broadcom and the individual defendants to resolve this matter for 0.5 million.
, a case stemming from Broadcom Corp.'s (Broadcom) .2 billion restatement of its historic financial statements for 1998 through 2005—the largest restatement in history due to options backdating.
In addition to the monetary recovery, United Health also made critical changes to a number of its corporate governance polices, including electing a shareholder-nominated member to the company’s Board of Directors.
A former chief financial officer of Apple reached a settlement with the Securities and Exchange Commission yesterday over the backdating of stock options and said company founder Steve Jobs had reassured him that the questionable options had been approved by the company board. Anderson, who left Apple last year after a board investigation implicated him in improper backdating, agreed yesterday to pay .5 million to settle civil charges. Heinen, former general counsel for Apple, with violating anti-fraud laws and misleading auditors at KPMG by signing phony minutes for a board meeting that government lawyers say never occurred. He said he warned Jobs in late January 2001 that tinkering with the dates on which six top officials were awarded 4.8 million stock options could have accounting and legal disclosure implications.
Ehrlich said Heinen's actions were authorized by the board, "consistent with the interests of the shareholders and consistent with the rules as she understood them." Anderson issued an unusual statement defending his reputation and tying Jobs to the scandal in the strongest terms to date.
Jobs, Anderson said, told him not to worry because the board of directors had approved the maneuver.
Regulators said the action allowed Apple to avoid million in expenses.