January 23, 2007
Steve Jobs Questioned By FedsApple, Inc.'s internal investigation -- headed, incidentally by Al Gore -- cleared Jobs of any wrongdoing, but federal investigations are still ongoing, with Jobs being questioned as late as last week.
Apple is being investigated together with 160 other companies regarding their option backdating practices. Option backdating is the act of offering to sell shares to company executives at a previously "backdated" lower price so that executives can realize more profits. The practice isn't in itself illegal but are subject to certain disclosure requirements.
The news was first reported by the San Francisco Chronicle and Bloomberg News. Jobs' lawyer and Apple's spokesman declined to comment.
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