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Dell agrees to change financial practices
Source: Agencies |
September 30, 2009, Wednesday
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Print Edition
Print Edition
DELL Inc is to beef up accounting and corporate governance rules as part of a settlement tied to an investigation into its past financial practices.
Dell, the world's second-largest PC maker behind Hewlett-Packard Co, will also pay US$1.75 million in legal fees, according to a settlement filed with the United States Securities and Exchange Commission.
After an SEC investigation into Dell's accounting was made public in 2006, several shareholder groups filed lawsuits saying Dell misrepresented its financial health while officers and board members sold stock at inflated prices.
Dell restated results for 2003 through 2007 after an internal audit found it overstated sales by US$359 million and profit by US$92 million.
Dell has agreed to make sure at least 60 percent of its board members are from outside the company and said it would pay for additional training for board members.
Dell, the world's second-largest PC maker behind Hewlett-Packard Co, will also pay US$1.75 million in legal fees, according to a settlement filed with the United States Securities and Exchange Commission.
After an SEC investigation into Dell's accounting was made public in 2006, several shareholder groups filed lawsuits saying Dell misrepresented its financial health while officers and board members sold stock at inflated prices.
Dell restated results for 2003 through 2007 after an internal audit found it overstated sales by US$359 million and profit by US$92 million.
Dell has agreed to make sure at least 60 percent of its board members are from outside the company and said it would pay for additional training for board members.
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