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Dell Settles with SEC for $100 Million

Dell Settles with SEC Over Intel, Accounting Issues

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Dell announced that it’s reached a settlement with the SEC, resolving an investigation into Dell’s disclosures and alleged omissions from before Fiscal Year 2008, regarding its relationship to Intel, as well as other accounting and financial reporting issues.

Dell settles with SECThe terms fall in line with the framework disclosed last month. Dell will pay a civil monetary penalty of $100 million.

The SEC has agreed to settle with both the company and Chairman and CEO Michael Dell. The settlement with Michael Dell still has to be approved by a U.S. District Court, but both the company and Dell entered into the settlements without admitting or denying the allegations.

Michael Dell’s settlement does not involve any of the separate accounting fraud charges being settled by the company and others. The company says his settlement is "limited to claims in which only negligence, and not fraudulent intent, is required to establish liability, as well as secondary liability claims for other non-fraud charges."

He has agreed to pay a civil monetary penalty of $4 million. The complete announcement is here.

Dell Settles with SEC for $100 Million
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  • http://deafaccessfilms.com filmword

    Hi Chris,

    thanks for the news – I hope to see such judicial enforcement for ADA compliance – both online and in movie-theaters.

    Movie theater chains and movie studio/promoters can act now, to achieve the legally mandated equal Access for DHH, and benefit from the billions of dollars in new, annual revenue from ticket sales to DHH, or they can do it later, after paying fines greater than $100 million, for dishonest bookkeeping. Which has greater social and ethical weight, honest corporate accounting or basic civil rights?

    We’re doing all we can to help them earn now, and avoid paying later, and appearing villainous, and opening the door to government financed alternative theater or theater financing, while paying penalties. What a wonderful time for wealthy, profitable corporations to learn, grow, and do good at the same time! ;)

    Quick quiz:

    1. Do you have any idea how many Deaf and Hard of Hearing citizens are in the U.S.? (It’s OK if you don’t – most people do not know, though it is huge portion of population).

    2. Do you know what cultural activity is participated in by the most adults in the U.S., outside their homes? (This one is kind of an open secret – data everywhere, but only specifically revealed to would-be buyers of advertising in the industry)

    3. How many “high tech” movie download services offer downloads with captions? (which are already required by law to be on movie recordings (currently DVD format) in the U.S.)

    4. Who is likely to be sued and/or brought up on charges first?

    Answers:

    1. 36 million; see Gallaudet University & Nat’l. Assoc. Deaf;
    http://deafness.about.com/gi/o.htm?zi=1/XJ&zTi=1&sdn=deafness&cdn=health&tm=140&f=00&su=p284.9.336.ip_p736.9.336.ip_&tt=2&bt=0&bts=0&zu=http%3A//www.cdc.gov/nchs/fastats/disable.htm

    2. see data from ScreenVision.com movie-screen advertising sales

    3. Zero. Not NetFlix, not BlockBuster, not the acclaimed new OpenSolutions deal (makers of Roxio).

    4. Viewers choice! Vote with your dollars, vote with your web clicks, vote with your emails, faxes and postal letters to:
    your Congressional representative
    your Senator
    your state office of disability services
    your president of the U.S.
    the Department of Justice (ADA enforcement responsible)
    the SEC (Securities and Exchange Commission – regulating the major studios and the theater chains)

    DeafAccessFilms.com
    longest continuously published website for show-time info for captioned movies-in-theaters