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Dell in compliance with Nasdaq listing requirements

After facing delisting several times due to late SEC filings, Dell has completed its internal investigation and restated earnings, putting it back in compliance with Nasdaq


After facing delisting on Nasdaq multiple times for failing to file earnings reports with the U.S. Securities and Exchange Commission on time, Dell announced on Thursday it is fully compliant with the stock exchange's listing requirements.

The company received a notice from The Nasdaq Stock Market that it regained compliance after its Tuesday filing of restated earnings reports from fiscal 2003 to the first quarter of 2007, the company said in a statement. Nasdaq earlier set a deadline of Nov. 12 for Dell to file the earnings reports.

Dell restated its earnings after completing an internal accounting investigation Tuesday. The company cut its cumulative net income by $92 million from a previously reported net income of $12 billion and reduced revenue by $359 million from the previously reported $196.2 billion for the restatement period.

The SEC is still investigating Dell for accounting errors for certain periods prior to fiscal year 2006.

Dell is trying to restructure amid the accounting scandal, personnel changes, and slow growth in the U.S. PC market. In January, Michael Dell returned as CEO in an effort to revive the company after Kevin Rollins resigned. In May, Dell announced it would cut 10 percent of its workforce. It is also battling Hewlett-Packard, which is closing in on Dell's position as the leading U.S. PC vendor, according to surveys.


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