Apple may restate earnings as far back as 2002

I'm no stock market maven, but something tells me this isn't good. It would seem that Apple's internal audits have found some 'irregularities' in the way the company handed out options. It boils down to mispricing, I believe, so that people could avoid paying huge taxes on their options.

Apple has postponed filing with the SEC and may restate earnings going as far back as September 2002. As of this posting it looks like Steve Jobs isn't involved with this, but that still doesn't make the situation a good one. If you want to hear from someone who knows what they are talking about read this post on our sister blog, Blogging Stocks.