Friday, September 22, 2006
Dell said it would request a hearing before a Nasdaq listing qualifications panel, in response to the exchange's warning the PC maker has violated filing requirements for continued listing.Dell (Round Rock, Texas) received a delisting notice after the company delayed filing its Form 10-Q for the quarter ended Aug. 4, 2006. Dell shares will remain listed on the Nasdaq, pending a decision by the panel.
Dell is unable to file its Form 10-Q on schedule because of questions related to an informal investigation by the U.S. Securities and Exchange Commission (SEC) into certain accounting and financial reporting matters. An independent audit committee appointed by Dell's board of directors is also investigating.
The SEC requests for information were joined by a similar request from the U.S. Attorney for the Southern District of New York, who has subpoenaed documents related to the company's financial reporting from 2002 to the present.
The SEC is investigating over 100 companies for possible fraudulent reporting of stock option grants.
By: DocMemory
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