Stock options investigation delays Apple SEC filing
Apple's ongoing investigation into its stock option grants has delayed its SEC 10-K filing. The filing, which was due yesterday, may be delayed for as much as a month.
If you recall, Apple admitted that employee stock options may have been been backdated. Companies use backdating in order to lower the apparent value of the issued stocks. Although news reports suggest this isn't illegal, the backdating has to be accounted for and disclosed to investors and so forth. CEO Steve Jobs was reportedly aware of the backdating and Apple's investigation is ongoing.
