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Dell Finds 'Evidence of Financial Misconduct'
Dell won't be getting its 10-K out any time soon

Dell won't be getting its 10-K out any time soon.

It's gonna blow through April 3, the day the 10-K is due, and April 18, the extension date. It's gonna add the annual report for the year ended February 2 to the pile of paperwork it already owes the SEC,

It says it's waiting for its Audit Committee to finish the internal investigation it started last August. The SEC is also investigating.

So far Dell has said little about the investigation but the little bit of news it disclosed Thursday after the market closed ain't good.

It said it "has identified a number of accounting errors, evidence of misconduct and deficiencies in the financial control environment." Dell says it's trying to figure out whether the accounting errors will mean restating past financial results and assessing "whether the control deficiencies constitute a material weakness in Dell's internal control over financial reporting."

It is still unclear what the problems are, exactly how far back they go and who's at fault. Last year when the problems first surfaced publicly Dell said they involved accruals, reserves and balance sheet items. The US Attorney's Office in New York has subpoenaed documents going back to 2002.

Dell replaced its CFO James Schneider in December and replaced CEO Kevin Rollins with founder Michael Dell some weeks ago.

About Security News Desk
SYS-CON's Security News desk trawls the world of security for news of software, hardware, products, and services that seems likely to be of interest to infosec professionals and summarizes them for easy assimilation by busy IT managers and staff.

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Dell won't be getting its 10-K out any time soon. It's gonna blow through April 3, the day the 10-K is due, and April 18, the extension date. It's gonna add the annual report for the year ended February 2 to the pile of paperwork it already owes the SEC, It says it's waiting for its Audit Committee to finish the internal investigation it started last August. The SEC is also investigating.




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