Steve jobs apple backdating
Jesse Fried, a professor at Boalt Hall School of Law at UC Berkeley and co-director of the Berkeley Center for Law, Business and the Economy, said he thinks the SEC is going after Heinen in lieu of Jobs.
"The stigma of being a CEO and director of a public company while taking the Fifth Amendment is pretty much unacceptable," he said."It doesn't suggest he's in the crosshairs of the SEC and it doesn't suggest that he's not." Still, legal experts said that giving a deposition could put the executive into a precarious position."If you testify under oath, perjury, obstruction of justice and false statement (charges) could be brought against you" if any of the testimony is found to be untrue, said John Coffee, a professor at Columbia Law School and director of its Center on Corporate Governance.Court documents discuss the SEC issuing three subpoenas in the case on Aug. And the latest revelation does not mean that Jobs is considered a target of the SEC probe."It would be malpractice on both sides not to try to get his testimony about what happened or what he knows," said the source close to the case."She did not have as much to gain from this backdating as Jobs did.
She was presumably doing what she was asked to do or what she believed she was asked to do by Steve Jobs.
"The market value of the company might drop by billions of dollars." The subpoena was first reported by Bloomberg News.
Steve Jobs has been in the news a lot lately for his stance on DRM, and before that for unveiling the much-anticipated i Phone.
Ran on: Nancy Heinen Ran on: Nancy Heinen ALSO Ran on: Steve Jobs of Apple Ran on: Steve Jobs of Apple less Apple CEO Steve Jobs demonstrates the new i Phone during his keynote address at Mac World Conference & Expo in San Francisco, Tuesday, Jan. One of the option grants was made to Jobs; the other was made to members of his executive team, including Heinen and former Chief Financial Officer Fred Anderson. "If you look at the allegations in the case, you have two grants, one of which (Jobs) was the recipient of and the other of which he was the decision-maker on, so he'd naturally be someone giving testimony," said a source close to the case. The earliest of the depositions is scheduled for Nov. It is not clear who will be the first to be questioned.
Marc Fagel, associate regional director for the SEC's San Francisco office, said he could not confirm whether any particular individuals have received subpoenas. Heinen's lawyer, Miles Ehrlich, declined to comment. The SEC already has said that it does not plan to pursue charges against Apple.
more Apple CEO Steve Jobs demonstrates the new i Phone during his keynote address at Mac World Conference & Expo in San Francisco, Tuesday, Jan. (AP Photo/Paul Sakuma) Ran on: Steve Jobs reportedly was questioned by federal staffers. CEO Steve Jobs has been subpoenaed by the Securities and Exchange Commission to give a deposition for an SEC civil lawsuit that charges Apple's former top lawyer with illegal stock-option backdating, according to a source close to the case.