Apple to Restate Earnings Over Options Grants

By Michael Santo
Executive Editor, RealTechNews

Hot on the heels of Chief Gizmateer’s story earlier this week, about the popularity of Apple on the Amazon.com, came some bad news … investigations into stock options grants and faked documents at Apple. These stories triggered wild fluctuations in Apple stock price as the stock took a hit.

Today Apple indicated it would be restating its earnings for the last 3 years as well as defending CEO Steve Jobs.

In its delayed annual report, published early on Friday, Apple said it would restate its financial results for the last three years and also take a charge of $84 million.

Apple also said that while Jobs was “aware or recommended the selection of some favorable grant dates, he did not receive or financially benefit from these grants or appreciate the accounting implications.” Source: News.com

We Say: Steve Jobs did hire a lawyer, so he’s definitely concerned about this, and although it looks like he is in the clear, he is being careful.