Stock option backdating cases
This is where the real problem came in: if it's an expense, then it must be reflected in Apple's books and must, of course, come from somewhere.That somewhere being the profits (increase expenses, you reduce profits, fairly naturally).In 2007 the US Securities and Exchange Commission announced that it would not file charges against Apple, but had filed charges against two former executives for their alleged roles in backdating Apple options.
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All of these decisions will be affected if the company isn't announcing the correct level of profits.
Which is, in the end, what the entire backdating of options furore was all about.
" Out of the money" (say, $40) or "in the money", say $18.30.
If a share option is at the money (or out of it) it hasn't actually cost the company anything to issue it.
According to court testimony, Brocade’s failure to expense more than $160 million from backdated options resulted in Brocade reporting profits in 20, when it should have reported large losses.
Brocade was just one of many tech companies which came under SEC investigation for distorting their earnings starting in the late 1990s by not disclosing this kind of executive compensation.
You can issue options at any price you like, can backdate them, no problems.
But, if the price or date means that they're creating a current expense for the company then that's what the company has to report: a current expense.
The court found her conviction was valid, but sent her case back to district court for re-sentencing, finding that she had been unfairly punished her for her attorney's actions. Chief Executive Gregory Reyes and his wife, Penny, leave the federal building in San Francisco.
On Tuesday, a federal appeals court tossed out Reyes' criminal conviction.
So, what should have happened is that Apple reported profits which were million lower for that quarter: they didn't, and that is the much larger problem.Tags: Adult Dating, affair dating, sex dating