Apple Files Late Annual, Quarterly Reports

By Scott Ferguson  |  Posted 12-29-2006

After a two-week delay, Apple Computer filed its third-quarter and annual financial reports with the U.S. Securities and Exchange Commission and announced it will adjust some of earnings due to stock options grants.

In its Dec. 29 filing with the SEC, the company wrote that CEO Steve Jobs had been aware of some of the favorable stock grants that led to the investigation but he did not receive or financially benefit from these grants.

In a statement, the internal committee that investigated the stocks option grants expressed its confidence in Jobs and his senior management team.

"The special committee, its independent counsel and forensic accountants have performed an exhaustive investigation of Apple's stock option granting practices," according to a joint statement by Al Gore, the chairman of special committee, and Jerome York, the chairman 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, and it has complete confidence in Steve Jobs and the senior management team," according to the statement.

Read the full story on eWeek: Apple Files Late Annual, Quarterly Reports