According to a report by FinancialTimes.com 2 lawyers involved in the case claim the US Department of Justice has halted all criminal investigation into stock options backdating at Apple without bringing charges against the company or any of its current or former executives.
Apple was the most prominent of more than 200 companies investigated over the practice of stock option backdating (changing of stock option date to inflate value), that while not entirely illegal, can lead to accounting problems and can fall foul of SEC laws if not properly disclosed.
“The justice department was careful and comprehensive in reviewing the facts, and they conclude that no charges should be brought against anyone, including the company,” said Miles Ehnrlich, a lawyer of Apple’s former general counsel, Nancy Heinen. It was only last year that charges were filed against Ms. Heinen and her colleague, former Apple CFO Fred Anderson. Mr. Anderson settled the charges by paying a $3.5 million dollar fine while neither admitting not denying any wrongdoing.
As MacBlogz reported earlier, Steve Jobs (along with above-mentioned former employees) are currently the defendants in a newly filed civil suit where shareholders are asking to be reimbursed for funds lost in the market due to the decrease in APPL value following the announcement of the SEC investigation.
Apple nor the Department of Justice commented to the FinancialTimes.com. Visit www.ft.com for full coverage.
