One day after news broke that the Securities and Exchange Commission was considering a case against Apple Computer for falsifying documents related to a 2001 stock options grant to CEO Steve Jobs, the Cupertino, Calif.-based company says that its own internal investigation found no misconduct by current executives and has "it has complete confidence in Steve Jobs and the senior management team."
Apple has submitted the findings of the investigation to the SEC, along with word that the mishandling of the options grant will cost an additional $84 million, including $4 million and $7 million in fiscal years 2006 and 2005, respectively.
“The special committee, its independent counsel and forensic accountants have performed an exhaustive investigation of Apple’s stock option granting practices,” said former Vice President Al Gore, Chair of the special committee, and Jerome York, chair of Apple’s Audit and Finance Committee. “The board of directors is confident that the company has corrected the problems that led to the restatement."
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