Dell is 'not in compliance' with filing requirements for continued Nasdaq listing

Nasdaq threatens to drop Dell

Late filing leads to panel review

Written by Shaun Nichols in California

vnunet.com, 22 Sep 2006

Dell has revealed that it has been contacted by the Nasdaq Listing Qualifications Panel regarding its delayed filing of financial reports.

The panel has stated that Dell is "not in compliance with the filing requirement for continued listing as set forth in Marketplace Rule 4310(c)(14)" .

Dell insisted that its stock will continue to be listed on Nasdaq while the panel makes a decision.

The filing delay stems from a US Securities and Exchange Commission investigation into Dell's second-quarter 2006 reports.

The company admitted that a New York District Attorney has joined in the investigation, and that financial documents ranging from 2002 to 2006 have been subpoenaed.

Although removal from Nasdaq remains unlikely, such a move would be a major embarrassment to Dell which is already facing investigation and a huge battery recall.

Dell maintained that it had been expecting the Nasdaq notice and that the company will file the report as soon as possible.