Menu
Dell to pay $100 million to settle SEC case

Dell to pay $100 million to settle SEC case

Michael Dell also has reached a settlement agreement in the investigation

Dell will pay US$100 million to resolve an investigation by the U.S. Securities and Exchange Commission into the company's past accounting and financial reporting practices, it said Thursday.

The settlement also resolves the SEC's investigation into Dell's disclosures and alleged omissions regarding certain aspects of its commercial relationship with Intel, Dell said in a statement.

The SEC has also settled with Dell CEO Michael Dell, who will pay a $4 million civil penalty related to his alleged failure to provide adequate disclosures regarding the company's commercial relationship with Intel. The settlement does not restrict his role as an officer or director of the company.

The SEC began investigating the company in 2005, partly over how it recognized revenue for certain financial periods. Dell also conducted its own investigation, and as a result restated some of its financial results reported prior to 2007.

Dell in June said it had set aside a $100 million reserve to cover any potential settlement between the company and the SEC.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags business issueslegalDellMIchael Dell

Events

Featured

Slideshows

Channel kicks 2021 into gear as After Hours returns to Auckland

Channel kicks 2021 into gear as After Hours returns to Auckland

After Hours made a welcome return to the channel social calendar with a bumper crowd of partners, distributors and vendors descending on The Pantry at Park Hyatt in Auckland to kick-start 2021.

Channel kicks 2021 into gear as After Hours returns to Auckland
The Kiwi channel gathers for the 2020 Reseller News Women in ICT Awards

The Kiwi channel gathers for the 2020 Reseller News Women in ICT Awards

Hundreds of leaders from the New Zealand IT industry gathered at the Hilton in Auckland on 17 November to celebrate the finest female talent in the Kiwi channel and recognise the winners of the Reseller News Women in ICT Awards (WIICTA) 2020.

The Kiwi channel gathers for the 2020 Reseller News Women in ICT Awards
Show Comments