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April 23, 2007

San Jose Mercury News Clears Jobs of Criminal Activity in Options Probe

In a lengthy article, the San Jose Mercury News is reporting that it is unlikely that Steve Jobs will be charged with a criminal offense in the Apple (AAPL) options backdating scandal. The article leaves open the possibility of SEC action but SEC action would not require Jobs to leave the company.

The article contains a timeline of Board actions that seem to exonerate Jobs. We won’t know the outcome of the investigations by the US Attorney’s office or the SEC until they are announced but for the short-term the market is likely to be very happy about the article.

Timing on this article is good as AAPL reports after the close on Wednesday.

Posted by Steve Birenberg at April 23, 2007 09:19 AM in AAPL