Probe at OfficeMax; Buybacks Postponed
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OfficeMax Inc. OMX.N, an office  products distributor, said on Monday it has begun investigating  allegations by a vendor that OfficeMax employees falsified  documents for about $3.3 million in billing claims.
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Deal is delayed as private equity group has trouble finding financing.
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com [04-11-2004]. Electronic Data Systems has postponed the release of its third quarter 2004 earnings for the second time, as it continues to negotiate with its auditor KPMG over the value
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Electronic Data Systems Corp. delayed releasing its third-quarter financial results from Monday until Nov. 3 to let auditors finish evaluating a money-losing contract to provide computer services to the Navy.
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DALLAS -- Dell Inc., the world's largest PC maker, has delayed filing its fiscal second-quarter financial report and suspended its share-repurchase program because of an ongoing federal accounting probe.
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As previously announced, KB Home's past stock option grant practices are  being investigated by the Securities and Exchange Commission. The  Department of Justice is also looking into these practices but has  informed KB Home that it is not a target of this investigation.
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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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OfficeMax Inc., the office products retailer, announced the resignation of new chief financial officer Brian Anderson on Wednesday and said it will delay the release of fourth-quarter earnings until the completion of an internal investigation that has turned up evidence of accounting problems.
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Allied Capital (ALD:NYSE - news - research) tumbled Monday after the company said it received an information request from a Justice Department office conducting a criminal inquiry.
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OfficeMax Inc. said its new chief financial officer resigned and said its fourth-quarter earnings report will be delayed because of accounting problems, compounding recent financial turmoil at the nation's number three office products retailer.
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Ongoing investigation leads companies to put off  merger of their wireless-equipment units until March.
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Federal prosecutors are looking into stock-option backdating at KB Home, but the company said it was not the target of the investigation.
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Investigation into former employee corruption charges will delay the merger.
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Business & money: Allegations internet bank Egg cancelled credit cards because holders paid up on time to be investigated
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The company&#39;s chief financial officer said he won&#39;t return until he learns whether the government is planning charges against him.
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Telecommunications equipment maker Avaya Inc.  said it postponed an investor conference originally scheduled for May 31, although it did not specify why or whether it was related to buyout speculation.
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Business & money: Latest in series of mass hearings for return of 'unfair' bank charges due to go ahead.