Options backdating cases Porndating on mobile
Ensign Energy Services is dealing with a lawsuit that alleges a number of board members, including chairman — and part-owner of the Calgary Flames — Murray Edwards, backdated stock options for Ensign’s shares over a period of 13 years ending in 2006.Stock options are a very popular employee and executive incentive.Jobs, Anderson said, told him not to worry because the board of directors had approved the maneuver.Regulators said the action allowed Apple to avoid million in expenses.In Canada the options cannot be granted at a lower price than where the shares were trading the day before they were granted.Option backdating is the practice of changing the date that a stock option was granted to make the strike price lower and the option more valuable.The SEC charges are the first in the months-long Apple investigation.Jobs was interviewed by the SEC and federal prosecutors in San Francisco, but no charges have been filed against him.
Roth declined to characterize the current relationship between Anderson and Jobs.Steve Dowling, a spokesman for Apple, declined to comment on Jobs's conversations with Anderson.Dowling emphasized that the SEC did not "file any action against Apple or any of its current employees." Government authorities praised Apple for coming forward with the backdating problems last year and for sharing information with investigators.Ingrid Ebeling, an analyst at JMP Securities, noted that Anderson's response contradicted Apple's earlier statements that Jobs was unaware of the accounting significance of backdating options.Though Anderson might be bitter, Ebeling said, "I would give his statement credibility." At the same time, she said, the fact that the SEC investigation has proceeded thus far without charging Jobs is a good sign for the Apple chief executive.Heinen and Anderson "failed in their duties as gatekeepers" and caused Apple to underreport expenses by nearly million, according to Marc J.Fagel, who leads enforcement efforts in the SEC's San Francisco office.Backdating came to the attention of the media and shareholders in the mid-2000s after a number of high profile companies, including the former Research in Motion, settled allegations of backdating.The Ensign case goes back to 2011, when Paquette’s law firm hired Eric Lie of the University of Iowa to study Ensign’s stock option dating process.Apple has not publicly released its investigation report.Backdating stock options by choosing award dates when the stock price was low gives employees a financial edge by increasing the likelihood that they will profit when they sell the shares.