Apple Inc (AAPL): 07:56 AAPL Stock grant probe sends Apple...

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Thursday, 08/10/2006 9:00:53 AM

Thursday, August 10, 2006 9:00:53 AM

07:56 AAPL Stock grant probe sends Apple execs seeking counsel - AppleInsider (63.59 )

AppleInsider reports current and former execs of the co are hiring legal counsel in the face of an ongoing govt investigation into the backdating of executive stock grants. According to a report on Law.com, the San Francisco U.S. Attorney's Office has been investigating whether AAPL and other Silicon Valley cos changed the dates on stock option grants to employees in order to maximize executive payouts.

Nancy Heinen, the co's longtime general counsel who departed from the co earlier this year, has reportedly hired East Bay defense lawyers Cristina Arguedas and Miles Ehrlich to represent her in connection with the probe. Meanwhile, AAPL as a co has hired George Riley, a partner with O'Melveny & Myers, to represent it before the govt. The ongoing govt probe has so far lead to two proactive admissions by the co, each of which were closely followed by lawsuits from investors. To date, a total of three suits have been filed.