[mojo2]

Apple may restate profits amid accounting scandal

Andrew Clark in New York
Friday August 4, 2006
The Guardian

The accounting scandal engulfing Apple deepened today as the computer company warned Wall Street that its earnings figures over the past four years "should not be relied upon," sending its shares tumbling.

Apple has reported profits of $3.1bn (£1.6bn) over the period and its shares have risen four-fold. But the company conceded today that it may need to restate all its financial results since September 2002 because of irregularities in the way it granted share options to executives. The warning sent its stock price down 3.5% in early trading on Nasdaq and sent tremors through Wall Street. Apple is the biggest name out of 80 mainly Californiancompanies caught up in a furore over the way executives were rewarded at the height of the technology boom at the beginning of the decade.

http://business.guardian.co.uk/story/0,,1837612,00.html

Umm, is THIS old news?

[mduell]

They made once announcement a couple weeks ago about the need to restate some old earnings. Then late last week they postponed filing last quarters results and said the impact on old earnings was going to be worse than originally expected.
They've hired an outside law firm to help with the audit, and I assume the SEC will start their own investigation soon.