Dell shares up slightly after revealing fraud probe

June 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: Dell settlement has tougher accounting oversight

Related Stories

Dell planning acquisition: WSJ

June 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 4, 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

A not-quite-random walk demystifies the algorithm

December 15, 2017

The algorithm is having a cultural moment. Originally a math and computer science term, algorithms are now used to account for everything from military drone strikes and financial market forecasts to Google search results.

FCC votes along party lines to end 'net neutrality' (Update)

December 14, 2017

The Federal Communications Commission repealed the Obama-era "net neutrality" rules Thursday, giving internet service providers like Verizon, Comcast and AT&T a free hand to slow or block websites and apps as they see fit ...

US faces moment of truth on 'net neutrality'

December 14, 2017

The acrimonious battle over "net neutrality" in America comes to a head Thursday with a US agency set to vote to roll back rules enacted two years earlier aimed at preventing a "two-speed" internet.

The wet road to fast and stable batteries

December 14, 2017

An international team of scientists—including several researchers from the U.S. Department of Energy's (DOE) Argonne National Laboratory—has discovered an anode battery material with superfast charging and stable operation ...


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.