Apple reveals stock option errors

Computer and electronics firm Apple has filed its financial reports on the last possible day, following delays linked to the backdating of stock options.

The firm said it had incurred a charge of $84m for misdated options, including some awarded to boss Steve Jobs.

But Apple reiterated that its probe had found no misconduct by any current management, including Mr Jobs.

Like many other tech firms, Apple has admitted that some options awarded to executives had had their dates changed.

The effect of such a change could make options more lucrative when cashed in, if the changed date produced a lower price at which they could be exercised.

Many of the more than 150 firms implicated in backdating have been investigated by the Securities and Exchange Commission (SEC).

Apple said it was providing both the SEC and the Department of Justice with details of its internal inquiry.

The company also reported its results for the year ending in September 2006, which showed a 39% increase in sales to $19.3bn.

View: BBC News

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