Disney finds backdated Pixar stocks; clears Jobs
Walt Disney has confirmed that it has found backdated stock options at Pixar prior to its acquisition in January 2006. Disney also said that it has cleared Steve Jobs — CEO of Pixar at the time — of any wrongdoing.
“The Committee and Board have concluded that while options were backdated at Pixar prior to the acquisition, no one currently associated with the Company engaged in any intentional or deliberate acts of misconduct,” said Disney in a prepared statement.
Disney said that it should also address the additional income tax liability issues facing Pixar employees who hold the options. The company doesn’t expect the tax issues to affect its financial statements.
Apple found irregularities in its stock option grants and began investigating in June 2006. Apple later cleared its current executive team of any misconduct, although CEO Steve Jobs was found to be aware or recommended favorable grant dates.