Dell shares up slightly after revealing fraud probe

Jun 11, 2010
People look at Dell computer products at a Dell kiosk in 2006 in New York City. Dell shares were trading slightly higher on Friday, a day after the US computer giant said it was setting aside 100 million dollars in connection with a fraud probe.

Dell shares were trading slightly higher on Friday, a day after the US computer giant said it was setting aside 100 million dollars in connection with a fraud probe.

Dell shares were up 0.15 percent to 13.09 dollars about two hours after the opening bell on Wall Street.

The Texas-based company said Thursday that it was in ongoing talks with the US (SEC) in connection with its dealings with US computer chip giant Intel.

said it had put aside 100 million dollars for a potential settlement of alleged violations of anti-fraud provisions of federal securities laws relating to accounting and financial reporting.

Dell said the settlement would "include negligence-based fraud charges" and "non-fraud based charges" regarding its commercial dealings with Intel.

Intel, which produces some 80 percent of the microprocessors used in the world's personal computers, has been accused in an anti-trust lawsuit in New York of engaging in illegal practices to dominate the market for computer chips.

Dell said a potential settlement with the SEC would not bar Dell chairman and chief executive Michael Dell from continuing to serve as an officer or director of the company.

"We are hopeful that these discussions will achieve a comprehensive resolution in the near future," Sam Nunn, presiding director of the Dell Board, said in a statement.

"The independent directors of the board have affirmed that Michael Dell will continue to lead the company as its chairman and CEO, and he continues to have our complete confidence and support," Nunn said.

Explore further: EU Parliament votes to break up Google

add to favorites email to friend print save as pdf

Related Stories

Dell planning acquisition: WSJ

Jun 11, 2009

US computer giant Dell is planning to acquire a"significant-sized company" in the next few months, The Wall Street Journal reported on Thursday.

Michael Dell urges global IT expansion

May 04, 2006

Dell founder Michael Dell Thursday called for a worldwide emphasis on expanding information technology as a means of advancing human progress.

Recommended for you

EU Parliament votes to break up Google

19 hours ago

The European Parliament voted overwhelmingly for the break-up of Google Thursday in a largely symbolic vote that nevertheless cast another blow in the four-year standoff between Brussels and the US Internet ...

Toyota finds new air bag issue, recalls more cars

Nov 27, 2014

Toyota Motor Corp. recalled more than 40,000 vehicles in Japan on Thursday as part of a worldwide scare over defective air bags and is investigating a new type of air bag problem that could lead to further recalls.

Netflix sues Yahoo CIO for alleged kickbacks

Nov 26, 2014

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

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.