Apple Gives Steve Jobs Clean Bill Of Health In Options Probe
A directors' committee cleared Jobs but said the company will restate financial data and take an $84 million charge.
An Apple Computer directors' committee cleared chief executive Steve Jobs of any wrongdoing Friday in its investigation of options granting but said the company will restate financial data and take an $84 million charge.
In a statement, Al Gore and Jerome York said, "The special committee, its independent counsel and forensic accountants have performed an exhaustive investigation of Apple's stock option granting practices. 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."
Former U.S. Vice President Gore, an Apple director, chaired the special committee. York is chair of the firm's audit and finance committee. The firm said it filed a Form 10-Q report with the Securities and Exchange Commission on Friday. The report had been delayed while the investigation was completed.
In a release, the company said the restatement covers a period from 1997 and 2002. "The investigation found no grants after December 31, 2002, that required accounting adjustments," according to the company.
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