p2pnet - rss feed: Dell ‘misconduct’ reports
p2pnet.net news:- Dell says it found "evidence of misconduct" during an internal investigation of its financial practices, according to The New York Times.
"Dell said its board’s audit committee had ‘identified a number of accounting errors, evidence of misconduct, and deficiencies in the financial control environment’," says the story. "The committee has been examining accounting and financial problems that the company previously said involved accruals, reserves and other balance-sheet items.
Dell will, "delay filing its year-end financial report with federal securities regulators, the third consecutive quarter it will miss reporting deadlines of the U.S. Securities and Exchange Commission," says MarketWatch, continuing:
"Dell’s accounting practices are also being investigated by the SEC, and the company said last year it had received a subpoena from a U.S. attorney’s office for documents. In December, Dell’s chief financial officer, James Schneider, said he would resign."
Everyone who works at Dell will also be hit, says the NYT.
"The company said yesterday that it would have to suspend contributions to the Dell stock fund within its 401(k) plan beginning next month because of its failure to make the necessary financial filings. The suspension affects all employees, a company spokesman said."
Also See:
The New York Times - Dell Reports It Has Found ‘Misconduct’, March 30, 2007\
MarketWatch - Dell shares pressured after revelation, March 30, 2007
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