Stock-options Concerns At Apple Computer
December 28, 2006 3:36am CST
Shares of Apple Computer Inc. were down less than 1 percent following a report in California said company officials may have falsified stock-option documents. The California legal newspaper The Recorder said Wednesday that U.S. prosecutors were considering criminal charges after "looking closely at stock option administration documents that were apparently falsified by company officials to maximize the profitability of option grants to executives." Apple stock was down 0.63, or 0.77 percent, to 80.88 in early Wednesday afternoon trading. Apple Chief Executive Steve Jobs has hired a lawyer in addition to the company's law firm to deal with inquiries by the U.S. Justice Department and Securities and Exchange Commission, the newspaper said. Apple said in October it was concerned about "the actions of two former officers in connection with the accounting, recording and reporting of stock option grants." The former company officers were not publicly identified.