Wednesday, July 08, 2009, 11:40 am
SEC still reviewing Apple's disclosures on Steve Jobs' health
The United States Security and Exchange Commission is still reviewing disclosures made by Apple earlier this year to determine whether the company knowingly withheld material information from shareholders about the health of its chief executive.In particular, the commission is reportedly scrutinizing statements from the company to determine what happened in the nine days from when it reported that Steve Jobs' medical condition was relatively simple to when it ultimately disclosed that there were more complex" problems, a person with knowledge of the probe told Bloomberg.
Regulators reportedly want to know what Apple's board of directors knew between January 5th, when Apple said Jobs was suffering from an easily treatable hormone imbalance, and January 14th, when the co-founder penned an open letter to the media in which he stated that his health-related issues were more complex than he originally thought.
Jobs would go on to take a medical leave for nearly six months, during which time he received a liver transplant in Memphis, Tenn. At the time of the transplant, he was reportedly the sickest person on the waiting list.
A person familiar with the ongoing investigation told Bloomberg that Apple's lead directors, Art Levinson and Bill Campbell, were being briefed by Jobs doctors on his condition during the time the company issued its contradictory statements. Should it be determined by regulators that Apple only told partial truths, its statements could be considered misleading.
Still, the ongoing review is said to be just that: a review. And there's currently no indication that the SEC is prepared to charge Apple or its directors with any wrongdoing.
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Why not? They may as well test how flimsy their argument is when juxtaposed with the right to privacy and HIPAA legislation.
Just because someone is a CEO doesn't give people Carte Blanche to know everything about their personal life in particular their health record.
I think people are being windbags here. If you think you have a case ...lawyer up and bring a fire retardant suit.