Jobs gets SEC subpoena over stock option backdating

By on September 20, 2007, 1:03 PM
Apple CEO Steve Jobs has received a subpoena from the US Securities and Exchange Commission. But, according a report by Bloomberg, the subpoena is not part of a SEC investigation, rather a demand for Jobs’ deposition in a backdating lawsuit against Apple’s former top lawyer Nancy Heinen.

Heinen was sued for allegedly backdating a 7.5 million share-option grant to Jobs in 2001 and an earlier grant to his executive team. An internal Apple investigation led by non-executive director Al Gore said Jobs was unaware of the accounting problems of backdating. Jobs voluntarily cancelled his stock grant and other outstanding options in 2003, and last year oversaw an $84 million correction of Apple's finances based on all backdated stocks. On April 2007, The SEC confirmed the company itself would not face charges.

Other than Heinen, the only Apple employee to face the SEC was Apple chief financial officer Fred D. Anderson, who immediately settled with the organization at a cost of $3.5 million in stock gains plus a $150,000 fine.

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