“The NASDAQ has alerted Dell and Novell, two tech stalwarts, that it is starting de-listing procedures. Nasdaq told Dell it has failed to meet requirements for continuing to be listed on its exchange,” Edward F. Moltzen reports for CRN.
Moltzen reports, “In a statement, Dell said it plans to seek a special hearing before a NASDAQ panel to explain its position. The request delays any action by NASDAQ for several months. ‘As anticipated, the letter was issued in accordance with NASDAQ rules due to the delayed filing of the company’s Form 10-Q for the quarter ended Aug. 4, 2006. Pending a decision by the panel, Dell shares will remain listed on The NASDAQ Stock Market,” the Round Rock, Tex.-based company said in a press release.”
“Under NASDAQ rules, a company must issue a press release announcing it has received a delisting letter from the stock exchange, or it can be delisted immediately without a hearing,” Moltzen reports.
Moltzen reports, “Dell faces a number of investigations into its financial reporting and accounting methods. The U.S. Securities and Exchange Commission is conducting an “informal” investigation, the Audit Committee of Dell’s Board of Directors is investigating, and the U.S. Attorney for the Southern District of New York has also subpoeaned Dell records going back to 2002, the company has acknowledged.”
“On Sept. 11, Dell issued a statement saying early investigations ‘have indicated the possibility of misstatements in prior period financial reports, including issues relating to accruals, reserves and other balance sheet items that may affect the company’s previously reported financial results.’ Earlier this month, Dell Chairman Michael Dell told reporters in New York that he anticipated a delisting process to begin because his company has not filed its required, quarterly 10Q report with the SEC as mandated by NASDAQ rules,” Moltzen reports.
Full article here.
Dell’s press release here.
Related article:
Beleaguered Dell’s OS-limited PC sales ‘declining rapidly below expectations’ – analyst – September 21, 2006
More trouble at Dell – September 11, 2006
Dell profit falls almost in half; announces informal SEC probe – August 18, 2006
Apple unlikely to be delisted by NASDAQ – August 16, 2006
Apple CEO Steve Jobs drawn into stock options scandal – August 15, 2006
Apple announces update regarding stock option grants – August 11, 2006
As expected, Apple delays quarterly results due to stock-options grants review – August 11, 2006
Some stock options grant decisions were made by Apple board, and potentially, CEO Steve Jobs – August 10, 2006
Disney: no material impact from Pixar options – August 09, 2006
Pixar options draw scrutiny – August 08, 2006
Apple stock options scandal? What scandal? – August 07, 2006
Class action lawsuit over stock options filed against Apple Computer, Inc. – August 04, 2006
Wall Street forgiving of Apple’s stock option irregularities; CEO Jobs unlikely to be terminated – August 04, 2006
Apple’s stock option irregularities escalate into a scandal as world awaits Steve Jobs’ WWDC keynote – August 04, 2006
Apple warns of profit restatement dating back to 2002 – August 04, 2006
Apple loses 3.5% to $67.15 in premarket trading – August 04, 2006
Apple announces update regarding stock option grants – August 03, 2006
Shareholder’s options suit against Apple alleges ‘striking pattern that could not have been chance’ – July 11, 2006
Apple announces update regarding stock option grants – July 05, 2006
UBS: stock options probe unlikely to hurt Apple – June 30, 2006
Apple joins growing list of companies entangled in stock option ‘irregularities’ – June 29, 2006
Apple to investigate stock option grant ‘irregularities’ made between 1997 and 2001 – June 29, 2006
MDN MW: ‘beleaguered’. Not really, but it should be. ‘Has’ as in ‘has-been’.
HAHA…Here we go the Dell-ron investigations will now begin.
What has this got to do with Apple?
MDN is just running a which hunt.
John, just a guess, but I imagine this goes back to Michael Dell’s infamous ‘Break up Apple and return the money…’ quote.
John, make that bitch hunt.
Poor Dell, always late! They’re just trying to copy Apple again, since Apple already got a delisting notice several weeks ago. That’s Apple for you, always on the cutting edge!
John, anything having to do with the computer industry could be construed to having implications for Apple. Sometimes it can be a bit tenuous, as you have suggested.
Dell is #1 in shipments of PCs – that makes any news about Dell of more interest.
Apple received a similar delisting notice a while back and has similarly appealed.
Apple and Dell are both ‘late’ due to “accounting irregularities”, deep similarity.
And then there’s the Witch Hunt factor (which witch hunt?).
HP – number two in PC shipments – has trouble at the top, too. But HP has not had a shoot-from-the-lip CEO like Michael Dell. They never suggested Apple close its doors.
Lenovo, #3, recently had a battery fire at an airport. Sony battery, like those used in some Macs. Reported, but without the gloat. Neither Lenovo nor previous owner IBM ever made the rivalry personal.
accounting questions?
ah ah ah ah ENRON!
Someday, our Dull stock can be used for toiltpaper (worthless)
If Dell goes out of business, no one cares. They are just a cheap box builder. Another one will fill the gap.
John—What has this got to do with Apple?
MDN is just running a which hunt.
Or maybe a “what” hunt.
MW-think–as in think about spelling.
Apple got one of these earlier this year when they announced that they might have to miss reporting certain data on time and might have to re-state earnings going back a number of years.
Before you all celebrate too much, just remember that this was happening to Apple a few weeks ago. This is serious bad news for everyone. (Hint: your retirement plan, etc. probably holds Dell stock. And Novell, Apple, Microsoft…)
That said,
<B>DIE DELL,DIE!!!!!!!!!!!<b>
i hate dell without end, but large corporations going under have economic implications.
lost jobs, lost economic revenue, etc.
just imagine if ford or gm went out of business.
besides, if dell went out of business we’d have no one to make fun of….
What that smell, It smell like somebody ass is cooking. Micheal are burn or is that you Kevin. I can’t tell both you are shit in a bag. Hum, you did say in the past that you was going to reach 80 billion sales (Kevin) . Now look at you asking for more time. That remind me of a saying DON”T COUNT YOUR CHICKENS BEFORE THEY HATCH. And for that kid at the Dell store who did the screensaver, YOU ROCK DUDE. APPLE IS THE BEST, APPLE IS THE BEST, APPLE IS THE BEST.
FROM A GUY WHO DON’t GIVE A F@#K ABOUT DELL. BURN BABY BURN UNTIL THERE IS NOTHING LEFT.
I would say this is much more serious than Apple’s problem. Apple executives aren’t exploding spontaneously or putting any consumer in danger. Dell is. So, for once, Dell wins(?!).
Also another note: I symptahize with the people on PCs on this site that are at work or something. Everything is so ugly here I feel like I’m going to be sick. 4 More hours and then I can get back to my Mac!
ok I’ll bite.
so if they get delisted.. does this mean that Dell can’t even sell the stock and give the money back to the shareholders?
jim
Before you all celebrate too much, just remember that this was happening to Apple a few weeks ago.
Yah, I think that’s the point.
PC Fanboys: “Neener, neener! Apple is going to be kicked off NASDAQ! They are like, so dead!”
MDN: “Same things happening to Dell.”
DELL won’t get de-listed. Neither will AAPL. Both companies make up a large amount of trading volume on the NASDAQ. They don’t want to see either company de-listed as it would mean lost trading revenue.
In the very unlikely event that either were to be de-listed, it would have no real effect on the company going forward. Of course, the psychological effect on investors would likely be large. They would not have to close down, give the money back, or any of that. They would either find another exchange that would list their stock, NYSE, AMEX, etc. or they would just trade over the counter, meaning they are not officially a member of any exchange.
What’s so special about a big company that slaps together commodity PC’s out of generic parts? What’s so special about a big company that uses bait & switch advertising and marketing like a sleazy Car Salesman?
DULL is nothing more than a large maker of ‘white box’ PCs that is ethically challenged in their consumer marketing. Nothing more and nothing less.
You’re right, Donnie. If Ford collapsed, a lot of repair centers would have to close.