Dell Delays Quarterly Report
Dell is delaying the filing of its second-quarter report with regulators because of questions raised in connection with the Securities and Exchange Commission’s informal investigation, and the subsequent probe by its board’s audit committee, into its accounting and financial reporting.
Because of the developments, Dell has suspended its share repurchase program until further notice. In addition, the company has postponed the meeting with analysts that was to be held on Wednesday. Dell will still be holding a technology day on Tuesday to showcase its latest products and services. Dell is working with the audit committee and its independent auditors to determine if any restatements will be necessary. “We have not yet reached any conclusion on materiality as to these issues,” said Don Carty, chairman of the audit committee. “We are continuing to investigate the matter fully.”
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