12-September-06, 12:48 PM
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| |  Web News: Dell Delays 10-Q As Federal Prosecutors Join SEC, Board Probes
Dell Delays 10-Q As Federal Prosecutors Join SEC, Board Probes  | Quote: |  | | |  | Originally Posted by crn.com |  | | | | | | | | |
Dell said Monday it would delay its quarterly filing with the U.S. Securities and Exchange Commission because of questions raised in parallel investigations by regulators and its board of directors.
Dell also said in a press release that the U.S. Attorney for the Southern District of New York has subpoenaed company documents from 2002 to the present.
"The investigations have indicated the possibility of misstatements in prior-period financial reports, including issues relating to accruals, reserves and other balance-sheet items that may affect the company's previously reported financial results," Dell said in a statement from the release.
A spokeswoman for the U.S. Attorney for the Southern District of New York declined to comment on the office's inquiry into Dell and on Dell's announcement.
Dell board member Donald Carty, who heads Dell's Audit Committee, said his panel's investigation is continuing. "We have not yet reached any conclusion on materiality as to these issues," Carty said in a statement.
The Round Rock, Texas-based computer hardware maker said its 10-Q report for the period ended Aug. 4 will be officially filed with the SEC "as soon as possible."
Last month, when Dell first revealed that the SEC had begun an "informal" inquiry in 2002, Dell CFO Jim Schneider downplayed any potential fallout. At the time, Schneider said he didn't believe the investigations "should cause any material change to our financial position for the years under question."
News of Dell's SEC filing delay comes just a day before top company officials were set to meet in New York with press and analysts. It follows a series of earnings disappointments, services issues and the recall of 4.1 million notebook batteries after several months of publicity over Dell laptops that overheated or caught fire.
Full Story at crn.com
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