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US ends Apple stock inquest - PC Retail

US ends Apple stock inquest

Department of Justice halts criminal investigation
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The US government has put an end to its inquiry in to Apple’s stock option practices without bringing any charges to bear, the FT has reported.

Apple was among 200 companies to have been investigated over such behaviour, in which the grant dates of stock options are backdated to inflate their value.

Last year, the US securities and exchange commission filed charges against Fred Anderson, Apples former chief financial officer, and Nancy Heinen, former general council at Apple, over alleged backdating after Ms. Heinen was allegedly involved in fraudulently backdating stock options that had been granted to senior executives at the company – including 7.1 million options to CEO Steve Jobs – that caused the firm to under report its expenses by $40 million.

Miles Ehrlich, a lawyer for Ms. Heinen said: “The justice department was very careful and comprehensive in reviewing the facts, and they concluded that no charges should be brought against anyone, including the company”.

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