Dell Inc. says it will beef up accounting and corporate governance rules as part of a settlement tied to an investigation into past financial practices.
The PC maker will also pay $1.75 million in legal fees.
After a Securities and Exchange Commission 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 $359 million and profit by $92 million during those years. The SEC probe is ongoing.
Under the settlement filed Monday with the SEC, Dell will increase the board’s independence and more tightly control its finances.
Editors' Recommendations
- This mini PC, and I do mean mini, has a Ryzen 7000 tucked inside for $200 off
- This Alienware gaming PC with an RTX 4090, 64GB of RAM is $1,000 off
- Get $750 off the Dell XPS 17 laptop this weekend
- This excellent Lenovo laptop makes the Dell XPS 14 look overpriced
- The 5 best laptops for accountants in 2024