Dell finds evidence of accounting errors and misconduct
RuRow Raggy -- in a wee-hour, tail-between-the-legs announcement, Dell just admitted financial "accounting errors" and "evidence of misconduct." This, after a months-long, independent review by the company's internal audit committee which, incidentally has yet to complete its investigation. It's not clear if any of this will require the restatement of previous earnings reports although second, third and fourth quarter statements from Dell all remain preliminary and have yet to be filed with the SEC. An analyst said to have spoken to Dell's management about the matter in "general terms" calls the situation "serious" but "not life threatening" to Dell. However, we'd feel a bit better if s/he had talked to the SEC instead. After all, they've been probing Dell's financials since August of 2005. It's also not clear if the alleged Intel kickbacks play any role in the matter. However, the resignations of both Dell's former CFO and Kevin Rollins (former CEO) in recent months is starting to look suspiciously familiar. Hey, welcome back Michael, aren't you glad you came?
[Thanks, LordFarkward]
