Apple's Disclosures Regarding Jobs' Health Remain Under Scrutiny by SEC

Bloomberg reports that the U.S. Securities and Exchange Commission is continuing to investigate Apple's disclosures regarding Steve Jobs' health during the early January period leading up to the announcement that Jobs would be taking a six-month medical leave of absence. The report is a follow-up to Bloomberg's January report about the investigation.

"The issue here is: Did Apple or Jobs make misleading disclosures, tested by what they knew at the time?" said Robert Hillman, a securities law professor at the University of California, Davis. "A disclosure could be misleading if it's a partial truth."

Whether the SEC will ultimately be able to take action against Apple or Jobs is unknown, given the uncertainty about the situation and the "murky" laws regarding disclosure of the health of companies' CEOs. Regardless of the extent to which a company has a duty to reveal health matters, it is clear that once a company chooses to speak about an issue, it must do so truthfully.

While there has to be some measure of confidentiality around the health of executives, any disclosures need to be accurate and complete, said Jahan Raissi, a former SEC enforcement attorney.

"Once you open your mouth and start to speak on a topic, you have to say something completely truthful," said Raissi, who is now a partner at Shartsis Friese LLP in San Francisco. "If what you omitted is material, thats a problem."

On that basis, the SEC is focusing its inquiry on what events may have transpired between January 5th, when Jobs and Apple announced that he was suffering from a "hormone imbalance" for which the treatment was "relatively simple" and January 14th, when Jobs announced that he was taking a leave of absence due to the medical issue being "more complex" than originally thought.

Jobs' health issues ultimately required him to undergo a liver transplant, although he was still able to meet his stated timeline in returning to work by the end of June.

Popular Stories

New Things Your iPhone Can Do in iOS 18

10 New Things Your iPhone Can Do in iOS 18.2

Thursday October 31, 2024 9:42 am PDT by
Apple is set to release iOS 18.2 in December, bringing the second round of Apple Intelligence features to iPhone 15 Pro and iPhone 16 models. This update brings several major advancements to Apple's AI integration, including completely new image generation tools and a range of Visual Intelligence-based enhancements. There are a handful of new non-AI related feature controls incoming as well. ...
Apple MacBook Pro M4 Cinema 4D Slack Finder Xcode 1

Apple Announces MacBook Pro Models With M4 Pro and M4 Max Chips, Thunderbolt 5 Support, and More

Wednesday October 30, 2024 8:01 am PDT by
Apple today announced new 14-inch and 16-inch MacBook Pro models featuring M4 Pro and M4 Max chips, alongside a new entry-level 14-inch MacBook Pro powered by the M4 chip. Subscribe to the MacRumors YouTube channel for more videos. The new M4 Pro and M4 Max machines come with a minimum of 24GB of Unified Memory as standard, up from 18GB in the previous models. Both models feature three...
M4 Pro on Blue

M4 Pro Chip Benchmark Results Reveal an Extremely Impressive Performance Feat

Thursday October 31, 2024 7:06 pm PDT by
The first Geekbench 6 benchmark results for the M4 Pro chip surfaced today. Impressively, the results that are available so far show that the highest-end M4 Pro chip is faster than the highest-end M2 Ultra chip in terms of peak multi-core CPU performance. Here is a comparison of the results: Mac mini with M4 Pro (14-core CPU): 22,094 multi-core score (average of 11 results) Mac Studio...
m3 macbook air blue

Apple Announces MacBook Air Now Starts With Increased 16GB of RAM With No Price Increase

Wednesday October 30, 2024 8:04 am PDT by
Apple today in its new MacBook Pro press release announced that the MacBook Air lineup now starts with 16GB of RAM, up from 8GB previously. This change applies to the 13-inch model with the M2 chip, the 13-inch model with the M3 chip, and the 15-inch model with the M3 chip. In the U.S., the MacBook Air lineup continues to start at $999, so there is no price increase associated with the...
maxresdefault

Apple Announces Redesigned Mac Mini With M4 and M4 Pro Chips, Two Front USB-C Ports, and More

Tuesday October 29, 2024 8:01 am PDT by
Apple today announced fully redesigned Mac mini models featuring the M4 and M4 Pro chips, a considerably smaller casing, two front-facing USB-C ports, Thunderbolt 5 connectivity, and more. Subscribe to the MacRumors YouTube channel for more videos. The product refresh marks the first time the Mac mini has been redesigned in over a decade. The enclosure now measures just five by five inches...
M4 M4 Pro vs M4 Max Feature

Apple Announcements Recap: M4 iMac, Mac Mini, and MacBook Pro

Wednesday October 30, 2024 9:24 am PDT by
Apple this week made three key Mac product announcements: new iMac, Mac mini, and MacBook Pro models. These machines bring the M4 chip series to Apple's Mac lineup for the first time, but each in its own way offers several new features and changes that go beyond processors. Below, we've compiled a recap of all the highlights. New iMac Apple on Monday announced its latest 24-inch iMac,...