Dell proposes SEC deal, adjourns annual meeting

By IBTimes Staff Reporter | July 16 2010 4:16 PM

Dell Inc proposed a settlement with U.S. financial regulators over a long-running investigation of the computer maker's accounting, and adjourned its annual shareholders meeting on Friday.

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Dell adjourned the meeting until August 12 to give shareholders time to consider the discussions related to the settlement, which was announced shortly after the meeting convened.

It said earlier that the company and Chief Executive Michael Dell submitted a settlement proposal, which was still subject to approval by the U.S. Securities and Exchange Commission as well as a U.S. District Court.

The probe into accounting matters began in 2005. Dell later acknowledged accounting errors and restated financial results from 2003-2007.

The company said in April that several former employees were told they could face action by financial regulators related to the inquiry.

In June, it said it was in talks to settle the SEC investigation, and said it has established a $100 million reserve for a potential settlement.

(Reporting by Ritsuko Ando, editing by Gerald E. McCormick, Leslie Gevirtz)