Dell moves to settle SEC accounting case

Dell said that it will be proposing a settlement with the SEC to end its accounting case.

The company said that the proposed settlement would be in line with the terms it had laid out in its June quarterly report. That framework included US$100 million reserved to pay fines and included a clause that chairman and chief executive Michael Dell be allowed to continue as head of the company.

If accepted, the settlement would end what had been an ongoing investigation of both the company and Michael Dell himself over the company's accounting practices.

Dell had previously admitted to misleading analysts about its earning reports over a five year period from 2003 to 2007. An internal investigation by Dell found that numbers had been adjusted in order to meet earnings goals.

In order to allow investors time to consider the latest developments in the case, the company said that it would adjourn its annual meeting, scheduled for Friday, until it 12 August.