Apple Inc. (Cupertino, Calif.) may be the subject of an SEC investigation over the reporting of ceo Steve Jobs’ health condition.
According to the Wall Street Journal, the SEC is trying to determine whether Apple tried to benefit by withholding information about the executive’s diagnosis.
Jobs recently announced he would be taking a six-month medical leave, only days after announcing his health was fine, certain physical appearances notwithstanding. He is a cancer survivor, having been diagnosed with pancreatic cancer in 2004. He may face surgery to have his pancreas removed.
He had previously tried to assure investors and employees his recent weight loss was caused by an easily treatable hormone deficiency. Apple’s stock price has surged and crashed over the last year in step with rumors or news about the ceo’s health and his gaunt appearance. Few other company executives are as closely involved in product and marketing initiatives — in fact, in the whole persona of the company — as Jobs has been at Apple.
Tim Cook, the chief operating officer who is handling day-to-day operations in Jobs' absence, attempted to assure Wall Street that Apple will continue to do well no matter who's in charge. “The values of our company are extremely well entrenched,” Cook said. “We believe that we're on the face of the Earth to make great products, and that's not changing.”