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Apple delays financial results over stock option irregularities

Antony Savvas

Apple Computer is to delay posting its financial results after discovering further irregularities in stock option awards to employees.

The company previously warned it had found irregularities with stock option awards dating from 1997 to 2001.

It now says previous financial results dated after 2002 cannot be relied upon and it has delayed posting its quarterly results for the three months ended 1 July.

Apple had said it would bring in “independent” investigators to look at the original irregularities, which included a stock option award made to chief executive officer Steve Jobs.

The company stressed at the time, however, that this award had been cancelled and Jobs received no material benefit from it.

Apple is among a large number of US IT companies that have been forced to investigate stock option irregularities in recent weeks.

The US Attorney’s Office is investigating a number of companies in Silicon Valley, which during the dotcom boom used big stock option awards to attract talent.

 

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