Apple Faces SEC Review over Disclosure of Jobs Health
So if the poor guy were not already dealing with enough: Apple is now going to have to undergo a review by the Securities Exchange Commission because speculators say the company hid reports about the actual state of CEO Steve Jobs health to mislead investors.
Speculators say that investors had been pressing for news on Jobs health since this past June when he appeared noticeably thinner and sickly at an Apple event.
Shares of Apple stock rose by 4.2 percent when Jobs reported that his medical condition was simply a "hormone imbalance." However, when Jobs revealed he would be on medical leave through June because of his health Apple stock dropped by 8.2 percent.
The Bloomberg reports that:
"Corporate governance experts say shareholder interest in Jobs is unusually high because he is considered synonymous with Apple. He returned as CEO in 1997, turning the once-unprofitable maker of Macintosh computers into a successful consumer- electronics company with the iPod media player and iPhone. Jobs established himself as the face of Apple, serving as the main pitchman at every major product announcement over the past decade while yielding little time to other top executives."
Bloomberg also tried to interview Jobs about the SEC Review and he responded:
“Why don’t you guys leave me alone -- why is this important?”
The Securities and Exchange Commission’s review doesn’t mean speculators have witnessed wrongdoing; rather it's just to look further into the circumstantial evidence.
Sheesh, this all surely sucks for Steve – accused of lying about his health to get ahead? Who knows it could be true, but I think it's unlikely and at this point they should just lay off let him try and fight through what everyone is assuming is his cancer.
Source: Bloomberg.com: News