Dell Inc. said it was informed by the Nasdaq that it is not in compliance with the exchange’s continued listing requirements. The computer giant cited the delayed filing of its annual report for the fiscal year ended February 2, 2007, as the reason for non-compliance with Nasdaq regulations.
In late March, Dell announced that it had identified several accounting errors, evidence of misconduct, and deficiencies in its financial-control environment. It also said at the time that it would delay the filing of its annual report for fiscal 2007.
Dell previously received letters issuing similar warnings after it delayed filing its quarterly reports for the quarterly periods ended August 4, 2006 and November 3, 2006. The company noted that the Nasdaq Listing and Hearing Review Council has decided to stay any future action by the Nasdaq Listing Qualifications Panel to delist the company’s common stock pending further review.
As a result, Dell’s common stock will remain listed on Nasdaq until the council completes its review. The computer company may submit in writing any additional information for the council’s consideration by May 4, Dell added in its announcement.