Dell settlement has tougher accounting oversight

Sep 28, 2009

(AP) -- Dell Inc. says it will beef up accounting and corporate governance rules as part of a settlement tied to an investigation into past financial practices.

The PC maker will also pay $1.75 million in legal fees.

After a Securities and Exchange Commission investigation into Dell's was made public in 2006, several shareholder groups filed lawsuits saying misrepresented its financial health while officers and board members sold at inflated prices.

Dell restated results for 2003 through 2007 after an internal audit found it overstated sales by $359 million and profit by $92 million during those years. The SEC probe is ongoing.

Under the settlement filed Monday with the SEC, Dell will increase the board's independence and more tightly control its finances.

©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Explore further: Sony broadly releases 'The Interview' in reversal of plans

add to favorites email to friend print save as pdf

Related Stories

Dell: PC demand stable stabilizing

Jul 13, 2009

(AP) -- PC maker Dell Inc. said Monday it expects its fiscal second-quarter revenue to be slightly higher than in the first quarter, when sales plunged 23 percent to $12.3 billion.

Monster settles SEC backdating charges for $2.5M

May 18, 2009

(AP) -- Monster Worldwide Inc., which runs the Monster job search Web site, has agreed to pay $2.5 million to settle federal civil charges that it secretly backdated options for its executives and employees.

Recommended for you

LivingSocial's new CEO eyes an experience-oriented future

Dec 24, 2014

Some big challenges lie ahead for LivingSocial, the online marketplace known for its daily deals and discounted prices on restaurants, spas and local activities. But that's where the company's new chief executive, Gautam ...

Uber hits roadblock as CEO charged in S. Korea

Dec 24, 2014

South Korean prosecutors brought charges on Wednesday against the founder and CEO of controversial smartphone taxi app Uber for operating an illegal cab service, the latest roadblock for the California-based ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.