ADOTAS — Apple’s disregard for investors in connection to Steve Jobs health issues might be leading to a full-blown federal investigation.
The Securities and Exchange Commission is examining Apple Inc.’s disclosures about Jobs to ensure investors weren’t misled, according to Bloomberg.
After many denials, speculation and more denial, Jobs announced that he was taking a leave of absence because of health issues. Jobs underwent surgery for pancreatic cancer in 2004, and Apple wasn’t forthcoming about his condition then either. They had previously said he had a hormonal imbalance, but he would stay as CEO for the foreseeable future. The future came two weeks later.
“The good news flipped by the bad news makes one wonder what Apple knew,” James Cox, a law professor at Duke University, told Bloomberg. “It’s not surprising for the SEC to come in and look afterward, given the pressure and publicity regarding their handling of a lot of cases,” such as criticism of the SEC’s response to Bernard Madoff’s alleged $50 billion Ponzi scheme.
Considering that Jobs could be worth $20 billion to Apple, and eventually this was going to come out, this whole saga was handle terribly. Jobs made himself the face of Apple, and has profited handsomely of it. The stock price rises and falls on the myth created around Jobs.
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