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Apple's Special Committee Reports Findings of Stock Option Investigation
Back in August, Apple announced they had found some stock option irregularities and launched an internal investigation to get to the bottom of things. This voluntary audit netted a warning of de-listing from NASDAQ because they had to delay filing their Q3 earnings results (fortuately, NASDAQ cut Apple a break). Today, the big fruit has issued a press release with the findings of this audit, which was performed by a special committee of outside directors, independent counsel and accountants. This crack team had to shuffle through over 650,000 emails and documents (Spotlight to the rescue!), as well as conduct over 40 interviews of current and past employees.In summary, the investigation's results go a little something like this: No misconduct by current members of Apple management was found The most recent evidence of 'irregularities' points to 15 stock option grants made between 1997 and 2002. Said grants were apparently issued before their approval dates Steve Jobs knew about the grant dates, but he apparently didn't know about the slight-of-hand accounting implications, nor did he benefit from any of them The data found 'raises serious concerns' of two former officers related to the accounting, recording and reporting of these grants. Apple will provide details to the SEC Mr J is quoted apologizing to Apple's shareholders and employees for these problems, especially since they happened under his watch, saying "They are completely out of character for Apple." He continues saying "We will now work to resolve the remaining issues as quickly as possible and to put the proper remedial measures in place to ensure that this never happens again," i.e. - somebody's in for a whole lotta iButt woopin'.In the collateral damage department, Fred Anderson, Apple's former CFO from 1996 to 2004 who now serves on the company's board of directors, has decided now might be a good time to resign from said board.Finally, Apple and the audit committee agree that the company will ultimately have to restate their historical financial statements to "record non-cash charges for compensation expense relating to past stock option grants." At this time however, the company is still working to analyze their findings and determine which periods will need restating, as well as the differential amounts.
North Dakota students show off Mars spacesuit prototype
We had assumed that with all the robots being developed for deployment to Mars, the human astronauts would mostly be lounging around inside the comfort of their robot-built habitats and ordering drinks from their robot bartenders, but yesterday's unveiling of a prototype spacesuit for navigating the Martian terrain proves that manned missions might not be as cushy as we anticipated. The 50-pound suit (which they somehow got The Office's Steve Carell to model) was designed by students from five North Dakota colleges in a collaborative project funded by a $100,000 NASA grant, and includes at least three innovative technologies for which patents have been filed. Among the slew of sensors and communications gear designed for the harsh, low-gravity environment are oxygen and carbon dioxide detectors, GPS system, full suite of health monitors, shoulder mounted CCD cam, Bluetooth server to coordinate all the data, and a high-power transmitter for beaming info back to the mothership -- though curiously, there's no mention of an onboard weapons system that would be crucial for encounters with the occasional hostile Martian. Also, as the AP helpfully notes, even with all the research and design that went into this project, the forty-odd students seemed to neglect a key feature of any good full-body suit, which is an "escape hatch" for when the astronauts need to "jettison their waste."[Via futurismic and abc]
