Feds end probe into Apple stock option backdating
The Department of Justice on Friday ended its probe into Apple’s backdating of stock options. The Wall Street Journal reports that no charges are being brought against the company or any of its current or former executives.
While Apple through this the Federal investigation, the company still has to answer to a class action lawsuit. Filed in the U.S. District Court in San Jose, Calif., Martin Vogel and Kenneth Mahoney brought the suit against former CFO Fred Anderson, former counsel Nancy Heinen, CEO Steve Jobs and board members William Campbell, Millard Drexler, Arthur Levinson, and Jerome York.
The lawsuit alleges the accused intentionally filed false documents, concealing stock option grants to executives.
Apple uncovered irregularities in stock option grants in June 2006 and immediately launched an investigation. Six months later Apple released its findings and cleared CEO Steve Jobs of any wrongdoing. That left the blame to fall to former CFO Fred Anderson and former counsel Nancy Heinen.
The U.S. Securities and Exchange Commission later charged Heinen with fraudulently backdating stock options. Anderson agreed to a multimillion dollar settlement.