Dell delays SEC filings--again
At some point in the near future, Dell is going to dump a mountain of paper on the Securities and Exchange Commission.
The company formally informed the SECWednesday that it was unable to file its annual report for last year by yesterday's deadline because of an ongoing investigation by the company's board of directors and the SEC into accounting misconduct. Dell had already disclosed that it would be tardy when releasing some preliminary results of the investigation last week.
Because of the investigation, Dell has yet to file quarterly reports for last year's second, third and fourth quarters, in addition to the annual report. This is because the company has not determined whether it will have to restate earnings for those periods or prior periods as a result of the investigation into how Dell accounts for accruals, according to a statement last week.
Dell said it intends to resolve the situation "as soon as possible" but hasn't given a specific time frame. The company is also grappling with a host of business issues as Michael Dell tries to turn around the organization he founded.