Accounts probe delays Dell filing
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Computer maker Dell says it has delayed filing its second-quarter results because of an inquiry into its accounts.
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NEW YORK - Computer and server maker Dell Inc. said Thursday it is delaying the filing of its full third-quarter results as the company and regulators continue to investigate some of its accounting practices.
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Apple Computer Inc. , which  is undergoing an independent investigation into its historical  stock option practices, filed with the U.S. Securities and  Exchange Commission on Friday to delay its 10-K annual report  filing.
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(InfoWorld) - In the wake of Dell Inc.'s disclosure Monday that it might have to restate recent earnings statements because of discoveries made by the U.S. Securities and Exchange Commission (SEC), company founder and chairman Michael Dell has defended his embattled chief executive, Kevin Rollins. "Kevin has done an outstanding job as chief executive," Dell told a crowd at the company's annual Technology Day meeting in New York Tuesday. "We run the company together, so if you want to blame somebody, you can blame me too." Dell will delay filing its quarterly Form 10-Q to the SEC until it answers questions raised by an SEC investigation into its accounting and financial reporting practices, the company said Monday. The U.S. Attorney for the Southern District of New York has opened a separate investigation, involving documents filed from 2002 to the present. Both offices have raised the possibility of misstatements in prior period financial reports. Dell has already announced a preliminary earnings report for the second quarter, highlighted by a 51 percent drop in profit from the same period last year. Form 10-Q is the formal quarterly earnings report required of every publicly traded company. Asked whether he would heed calls from analysts and investors to resign, Rollins said he disagreed with the sentiment, then turned the podium over to his boss. "Any press speculation on that is completely useless. Feel free to speculate, but it's not going to happen," Dell said. "The CEO is chosen by the board of directors and the shareholders, and I'm the largest shareholder, so you can do the math." Dell and Rollins declined to give further details on the investigations, saying only that they were cooperating fully.
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Dell Inc. says the production of its budget-priced Inspiron line of laptops is being delayed by paint problems, the same reason it gave for delays in shipping its top-end XPS M1330 laptops.
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(InfoWorld) - Dell Inc. has delayed filing its quarterly earnings report with the U.S. Securities and Exchange Commission (SEC) and may have to restate past earnings statements, the company said Monday. Dell's board of directors began an internal financial audit after learning in August 2005 that the SEC had begun an investigation of the company's revenue recognition and accounting practices for past fiscal years, Dell executives acknowledged Aug. 17 while announcing preliminary results for the second quarter. Since then, Dell learned of a second investigation when the U.S. Attorney for the Southern District of New York subpoenaed the company's financial reporting documents for the years from 2002 through today, said Dell spokesman TR Reid. Neither the SEC nor New York State has announced the results of their investigations, but Dell's internal audit has now revealed that the company may have misstated prior financial reports, including accruals, reserves and other balance sheet items. Until it settles those questions, the company cannot file its SEC Form 10-Q, which confirms its quarterly results, Reid said. Those preliminary results were bad even before Monday's news. Dell earned only US$502 million in profits for the second quarter of 2006, a drop of 51 percent below that period last year. The decline was a casualty of cutting prices in a slow market, Dell Chief Executive Officer Kevin Rollins told analysts in August. Dell, the world's largest PC vendor, has felt increasing competitive pressure from Hewlett-Packard Co. at the same timeÂ chip makers like Intel Corp. have been cutting prices on processors, helping to drive down PC prices. And on Aug. 14, Dell announcedÂ the largest recall of consumer electronics in U.S. history, recalling 4.1 million notebook batteries that suffered from a defect causing them to overheat and sometimes catch fire. Dell is cooperating with both investigations and "will take any appropriate remedial or corrective actions to address any problems," company chairman and founder Michael Dell said in a release. The company has also suspended its share repurchasing program and a meeting with analysts scheduled for Sept. 13. Â
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Talks to SEC Computer maker Dell told the Securities and Exchange Commission (SEC) late last week that it has nearly completed its internal accounts probe.â¦
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PC maker Dell unveils forecast-beating results, six days after an accounting probe delayed its report.
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SAN JOSE, Calif. _ In a filing with the Securities and Exchange Commission, Apple Computer said Friday it will delay its annual 10-K financial report by more than two weeks while it reviews the findings of its investigation into stock option grants.
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Dell announced early this morning it has received a notice from the NASDAQ stock exchange threatening the company with a possible de-listing if it continues to delay the filing of its quarterly 10-Q report.  Dell remains the target of an SEC probe, and may have to restate its earnings back several years.
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Dell said Monday that it would delay the filing of its 10-Q report with the Securities and Exchange Commission, possibly setting the company up for a delisting notice by the NASDAQ in the coming days.
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The world's largest tire maker delays filing annual financial reports -- again.
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Computer maker Dell Inc. DELL.O said   on Monday that an expanding government accounting probe has   caused the company to cancel a meeting with Wall Street   analysts for the second time this year and that it will suspend   stock buybacks.
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If the figures from Dell Computer's last fiscal quarter hold up after a potential wave of possible corrections due to its admittedly improper accounting of backdated stock options grants, the company may not have fared all that poorly in the three-month period between the first weeks of February and May.
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Computer maker Dell Inc.  said  on Monday it has suspended share repurchases and is delaying  the filing of its latest quarterly report with regulators amid  an expanded government accounting probe.
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Likely to miss SEC deadline, could de-listing follow? Dell will once again hold back filing its 2007 financial statements to the US Securities and Exchange Commission (SEC) because it is yet to complete an internal investigation into its accounting practices.â¦
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Office Depot Inc. on Monday delayed its third-quarter earnings report due to its audit committee's independent review of vendor program funds, a development that one analyst said raised questions about the nation's second-largest office supplies retailer's financial statements.