Dell to restate four years of results |
| CNNMoney.com - Aug 16, 2007 |
Dell Inc. said Thursday it would restate four years of financial results, reducing net income for the period by as much as $150 million, after a lengthy audit found that top executives sought accounting adjustments to reach quarterly performance goals.
Dell, the world's second-largest personal-computer maker, said it expects the restatements to also reduce revenue by 1 percent or less per year for the period under review.
Shares of Dell rose 2.6 percent to $26.60 in after-hours trading from a close of $25.93 on Nasdaq.
The review "identified evidence that certain adjustments appear to have been motivated by the objective of attaining financial targets," Dell said, adding that the changes "typically occurred at the close of the quarter."
Read Full Article from CNNMoney.com
- Posted: 2007-08-17 09:36:54
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