Nasdaq puts Dell on notice--again
Failure to file quarterly earnings reports while the company investigates potential refile over accounting errors has resulted in a repeat notice of possible Nasdaq delisting.
Dell's failure to file a timely earnings report has again earned it notification of possible delisting from the Nasdaq.
It's the fourth such deadline Dell has missed while in the midst of SEC and internal investigations into its accounting practices, including three quarterly reports and its 2006 annual report. The latest deadline passed on May 4, at which time Dell says it notified the Nasdaq Listing and Hearing Review Council of the finding of its own audit committee. In March, Dell announced that its internal investigation yielded what it termed "evidence of misconduct," which could result in the company having to restate past earnings.
Dell said the notice was "expected" and the company has already asked the Nasdaq to extend its conditional listing until it is able to file. The council's decision is still pending.