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Dell to take $100 million charge due to accounting fraud

Posted on Friday, June 11 2010 @ 21:00:24 CEST by


Dell has agreed on a settlement with the SEC to establish a $100 million reserve as a result of an accounting fraud investigation. The charge will be deducted from the company's first quarter 2011 earnings.
Dell and the Securities and Exchange Commission agreed on a settlement, which includes the liability payment and a civil injunctive action against the company. It's a result of Dell's violation of federal securities laws related to its accounting practices and a separate investigation into its relationship with Intel. The $100 million payment will establish a reserve as the SEC and Dell work out the final tally of fines the PC maker will pay.

...

After a lengthy internal investigation, Dell admitted in August 2007 that between 2003 and 2006, its accounting department was fudging quarterly numbers to meet Wall Street analyst's financial forecasts. The company was forced to restate its earnings during that time period, which lowered its total earnings during that time by $50 million to $150 million.
More info CNET.


 



 

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