Dell Delays Filing Pending Investigation
March 30, 2007
Dell announced that it will delay the filing of the Form 10-K for its fiscal year ended February 2, 2007 beyond the prescribed due date of April 3, 2007 and the subsequent extension date of April 18, 2007. As previously announced, the Audit Committee of the company’s Board of Directors is conducting an independent investigation into certain accounting and financial reporting matters. The company will delay the 10-K filing because that investigation has not been completed.
“As we move toward the conclusion of our investigation, we are committing the time and resources required to ensure a thorough and comprehensive review and resolution of all identified issues and the implementation of appropriate remedial measures,” said Thomas W. Luce III, chair of Dell’s Audit Committee.
The Audit Committee’s investigation has identified a number of accounting errors, evidence of misconduct, and deficiencies in the financial control environment. The Audit Committee is working with management and the company’s independent auditors to determine whether the accounting errors necessitate any restatements of prior period financial statements, and to assess whether the control deficiencies constitute a material weakness in Dell’s internal control over financial reporting.
Management continues to be committed to resolving the issues raised in connection with the investigation, and regaining compliance with all SEC filing requirements and all NASDAQ listing requirements, as soon as possible.
