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SEC Reportedly Looking Into Steve Jobs' Health

Publication Date: 
January 22, 2009
San Francisco Chronicle
Ryan Kim

Professor Joseph A. Grundfest is quoted in a San Francisco Chronicle story that reports that the SEC is investigating the handling of Steve Jobs' announcement of his illness and whether Apple benefited from inaccuracies or material omissions. The Chronicle writes:

Joe Grundfest, a Stanford professor of law and former SEC commissioner, said he was not surprised that the SEC would enter the scene, considering the criticism surrounding how Apple handled the disclosures and concerns about the SEC's lax enforcement recently.

Apple is not obligated to talk about Jobs' condition, but once it did so, it was required to be completely truthful, Grundfest said.

"The real key questions is what did Steve Jobs know and when did he know it, and what did the board know and when did they know it," he said.

Grundfest said such an inquiry is unprecedented, which makes it hard to predict how it will unfold.

"I am entirely open to the possibility that Apple and Jobs handled a very difficult situation in a reasonable way, even if it's not the way that I or others would have handled it," he said. "We have to have more information."