Report: SEC reviewing Apple's disclosures over Jobs' health

Investigators looking into whether company's handling of information surrounding CEO's health misled investors, according to a Bloomberg report.

Dawn Kawamoto Former Staff writer, CNET News
Dawn Kawamoto covered enterprise security and financial news relating to technology for CNET News.
Dawn Kawamoto
2 min read

Securities and Exchange Commission investigators are reviewing the way Apple handled the disclosures surrounding the health of CEO Steve Jobs, according to a Bloomberg report citing a person familiar with the matter. Earlier this month, Jobs announced he would take a six-month medical leave.

Apple, whose CEO's health has been a concern to investors over the past six months following his gaunt appearance at the Worldwide Developers Conference in June, announced in mid-December that Jobs would not be speaking at the January Macworld and that Apple would not participate in the event going forward.

At the time, Apple said Jobs would be sitting out Macworld and that its marketing chief would fill in. Then, on the eve of Macworld, Jobs disclosed that he had a hormone imbalance that was "straightforward" in its treatment.

A week after Macworld, Jobs announced new information had come to light regarding his health and it was more complex than earlier thought and that he would be taking a six-month medical leave of absence.

According to the Bloomberg report on Wednesday, SEC investigators are looking into whether Apple's previous disclosures misled investors.

Apple has been enshrouded in controversy over its disclosures regarding Jobs' health, with a number of investors expressing frustration that such disclosures did not come sooner given Jobs' increasingly gaunt appearance.

Apple's share price has also suffered a bout of turbulence with each news report and company disclosure regarding Jobs' health; the iconic leader's vision is considered paramount by many investors in driving the company into new markets and products.

In 2004, Jobs underwent treatment for a rare form of pancreatic cancer, which he has said was successfully treated.

Last week, Bloomberg reported that according to people "monitoring his illness" Jobs is weighing his options regarding a possible liver transplant because of complications following his cancer treatment.

A spokesman for the SEC declined to comment on whether the agency was reviewing Apple's actions regarding Jobs health disclosures.

The SEC does not disclose its investigations unless an enforcement action is taken either through the courts or with an administrative law judge.

Apple was not immediately available for comment.