sec Stories December 31, 2015

AAPL: 105.26

-2.06

Update: Apple has decided to include the resolution, but recommends voting against it, arguing that its existing diversity policies cover appointments at all levels within the company.

The Securities and Exchange Commission has said that a resolution submitted by an Apple investor to accelerate diversity on the company’s board and among senior execs should be included in proxy materials sent to shareholders. Bloomberg reports that proposal was prompted by a conversation the shareholder had with his teenage son.

The proposal for an “accelerated recruitment policy” was submitted in September by Antonio Avian Maldonado II, who owns 645 Apple shares. He said he was spurred to act after looking at photos of the directors with his teenage son, who asked him why nearly everyone was white.

Apple rejected the proposal, stating that it was an attempt to micromanage recruitment. Apple told the SEC that it was actively trying to attract minorities but “has no power to ensure that its recruits will accept offers.” The SEC, however, does not accept Apple’s position …

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sec Stories December 22, 2015

AAPL: 107.23

-0.10

Apple starts offering proxy access to give shareholders more power over board of directors

The Wall Street Journal reports this evening that Apple has amended its bylaws to make it easier for long-time shareholders to nominate to the company’s board of directors. This makes Apple the latest company to adopt what is commonly referred to as “proxy access.”

sec Stories September 29, 2015

AAPL: 109.06

-3.38

Apple to hand back $4.2M to LAUSD to settle failed ‘iPad for every student’ program

Apple has agreed to repay $4.2M to settle a claim by the L.A. Unified School District over the disastrous attempt to put an iPad into the hands of every student, reports the Los Angeles Times. It was first reported back in April that the LAUSD might take legal action against Apple to recoup the money spent on iPads for the program. Apple had initially expected to earn $30M from the first phase, a number that would have reached around a quarter of a billion dollars if the rollout had been completed as originally planned.

The first sign of trouble emerged when students managed to bypass the restrictions designed to ensure the devices could be used only for school work, but that was only the start. The LAUSD was accused of having miscalculated the cost of the program, resulting in its suspension and later abandonment.

Both the FBI  and the SEC were called in to investigate allegations of corruption, and a federal review concluded that the entire project had been doomed from the start.

The Board of Education is expected to vote on whether or not to finalize Apple’s settlement offer. If so, nearly all the money repaid by Apple will be used to buy computers through a fresh program.

Image: Huffington Post

sec Stories August 25, 2015

AAPL: 103.74

0.62

The email Apple CEO Tim Cook sent to CNBC analyst Jim Cramer, and which was read on the air, may have violated Securities and Exchange Commission regulations, according to lawyers speaking to MarketWatch. The regulations are designed to ensure that information that may impact a company’s share price is made available to the public in a fair and open way, rather than privately disclosed to particular individuals or entities.

Cook’s email revealed that the growth in iPhone activations “has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last 2 weeks” – information that Apple had not previously disclosed …  expand full story

sec Stories April 17, 2015

We learned yesterday that the Los Angeles Unified School District may sue Apple for “millions of dollars” following the collapse of its plans to provide every student with an iPad. The mess eventually led to an FBI investigation and a federal review.

The latest development, as ever reported by the LA Times, says that the program is now the subject of a Securities and Exchange Commission inquiry into whether funds were misused in the $1.3B project …  expand full story

sec Stories March 31, 2015

Continuing its high-level executive hiring spree, Apple has recruited Dolby Executive Vice President Mike Rockwell to become an executive in its hardware division, 9to5Mac has learned. According to a source, Rockwell has likely been hired to bolster the audio and display performance of future Apple products, which could include anything from next-generation Apple monitors to professional audio/video editing tools to speakers. Rockwell’s LinkedIn profile confirms he joined Apple in February but does not specify his role.

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