“No news may be good news, but a sliver of news can be excruciating—at least when you’re Dell and mired in an internal investigation of accounting practices. That’s what transpired Mar. 29 when Dell provided yet another update—its fifth—on the probe that began in August. The company said it will miss an already extended deadline of Apr. 18 for filing its annual report. That’s on top of the fact that it has not officially released financial results from the second and third quarters of its fiscal year, which ended on Feb. 2,” Peter Burrows reports for BusinessWeek.

Burrows reports, “What’s more, the company said for the first time that the audit committee of its board had uncovered “evidence of misconduct.” The revelations add to the uncertainty that’s shrouded Dell since the company first announced it received inquiries from the Securities & Exchange Commission about financial controls. The picture has slowly darkened.”

“At one point, Dell said the focus was on how it accounted for ‘accruals, reserves, and other balance-sheet items.’ Some have suggested this might relate to how the company booked revenue related to service offerings and product warranties. In September, the company received federal subpoenas from the U.S. Attorney for the Southern District of New York. But the most recent announcement was the first time the company had suggested someone had knowingly acted improperly.” Burrows reports. “…It may well take months before Dell finally can disclose its findings. Until then, it may have to maintain its painful silence, leaving investors to wonder.”

Full article here.

MacDailyNews Take: You know you want it. Let the anticipation build… Wait… wait for it… Okay, 3-2-1:

Shut it down and give the money back to the shareholders!

We will dance joyfully on Dell’s grave. grin

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