Another Dell Filing Delay: Now the 401(k) Plan

Computer company, having its accounting probed and facing a Nasdaq delisting over late financial reports, must hold off on the 2006 retirement-plan...
Stephen TaubJuly 5, 2007

As embattled Dell Inc. continues seeking permission to delay its financial reports to stave off delisting, it now says its 401(k) plan will hold off on making its 2006 year-end statement.

The computer maker said the financial report for the plan, which has a Dec. 31 year-end, will not be filed until Dell submits its delayed annual report for the fiscal year, which ended Feb. 2, 2007.

The company, whose accounting practices are being probed by federal regulators, has not filed quarterly reports for the second and third quarters of fiscal 2007, or for the first quarter of fiscal 2008. It also has not filed its 2007 annual report. “Management is committed to resolving the issues raised in connection with the investigation, and is working diligently to file the delayed reports as soon as possible,” Dell said in a new regulatory filing.

The company also said that the 401(k) plan has filed all other required quarterly reports during the preceding 12 months.

In a separate regulatory filing, Dell said the Nasdaq Listing and Hearing Review Council agreed to extend the company’s conditional listing until July 16. However, the company also said it plans to request additional time for completing its delinquent reports.

“The company is committed to regaining compliance with all NASDAQ listing requirements as soon as possible,” Dell stated in its filing.

Last month, Nasdaq sent Dell a fourth delisting notice, indicating that the computer maker is out of compliance with exchange requirements because it is delaying its financial report for the May 4 first quarter of its fiscal 2008.

Similar notices were sent after Dell delayed filings of quarterly reports for the periods ended last Aug. 4 and Nov. 3, and for all of fiscal 2007.

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