Steve Jobs did not benefit from the discontinued practice of stock-option backdating at Apple, a company board committee led by board member and former Vice President Al Gore reported at the end of December.
While Jobs approved back-dated options for others, the committee said he did not "appreciate the accounting implications." Apple restated its earnings as part of a filing with the Securities and Exchange Commission (SEC), dropping their previously stated figures over a period that stretches back as far as 1998 by 5 million before tax, or million after tax.
In December 2012, a Pittsburgh jury ruled that Marvell had infringed two patents (co-inventors Alek Kavcic and Jose Moura) by incorporating hard disk technology developed and owned by Carnegie Mellon University without a license.
; February 24, 1955 – October 5, 2011) was an American entrepreneur, businessman, inventor, and industrial designer.
To avoid having to pay higher taxes, many companies adopted a policy of issuing “at the money” stock options in lieu of additional income, with the idea that the executive or employee would benefit through the option by working to increase the value of the company without exceeding the one million dollar deductibility cap for executive income 5.The SEC’s opinions regarding backdating and fraud were primarily due to the various tax rules that apply when issuing “in the money” stock options vs.the much different – and more financially beneficial – tax rules that apply when issuing “at the money” stock options.In that case, advance knowledge of a positive event are used as a catalyst to issue options before the event occurs.According to the Los Angeles Times, the lawsuit claims that one million spring-loaded options were awarded just prior to the 1997 investment of 0 million by Microsoft shortly after Steve Jobs return to Apple.