Dell Inc., a global leader in computer hardware manufacturing and sales, announced yesterday that it will delay filing of its annual performance report, the Form 10-K, required for compliance with U.S. Securities and Exchange Commission (SEC) and Nasdaq listing rules.
In a press release, Dell explained that an audit committee of the company's board of directors is carrying out an investigation into accounting and financial reporting issues. The company stated that it would delay filing of the 10-K since the investigation had not been completed.
The internal investigation has found evidence of accounting errors, misconduct, and deficiencies in areas of financial control.
The chairman of Dell's audit committee, Thomas Luce III, indicated that the delay in filing would extend past the April 3, 2007 deadline as well as an April 18, 2007 extension date. "As we move toward the conclusion of our investigation, we are committing the time and resources required to ensure a thorough and comprehensive review and resolution of all identified issues and the implementation of appropriate remedial measures,” said Luce.
The investigation is to determine whether the restatement of any financial disclosures are warranted, based on the accounting errors identified. The probe will also assess whether there are deficiencies in Dell’s internal control over financial reporting.
Sources
- Press Release: Dell Will Delay Form 10-K Filing Pending Completion of Investigation — Dell, March 29, 2007
- Philipp Gollner. Dell finds evidence of misconduct in finance probe — Reuters, March 29, 2007
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Originally published by Wikinews on March 30, 2007. Original author: Wikinews.
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