Printed from http://www.electronista.com

Dell proposes settlements in SEC investigation

updated 11:00 am EDT, Fri July 16, 2010

Dell, CEO propose settlements to end SEC probe

PC maker Dell on Friday announced that the company and chairman and CEO, Michael Dell, have proposed settlements to the staff of the US Securities and Exchange Commission (SEC) over claims of illegal accounting practices. These settlements, which weren't detailed, are subject to approval by the SEC and a US District Court. This follows a June announcement that Dell has put aside $100 million to cover the cost of settling the SEC charges.

The original case and investigation dates back to 2006, when Dell employees misled auditors and manipulated results to meet performance targets. In 2007, the company restated four years of earnings after its own audit, reducing its net income by between $50 and $150 million in the process.

Previously, Dell hinted that the settlement of the case is likely to involve a civil injunctive action for alleged violation of certain federal securities laws. It would also include negligence-based fraud charges and other non-fraud based charges related to the company's accounting reports and its relationship with Intel.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Cat B100

Cat is primarily known for its heavy-duty machinery used in the construction industry and farming, among other areas. What may not be ...

Linksys EA6900 AC Router

As 802.11ac networking begins to makes its way into more and more devices, you may find yourself considering an upgrade for your home ...

D-Link DIR-510L 802.11AC travel router

Having Internet access in hotels and other similar locations used to be a miasma of connectivity issues. If Wi-Fi was available, it wa ...

Sponsor

toggle

Most Commented

 
toggle

Popular News