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Posted by / 17-Apr-2016 19:39

In its December 3, 2009 filing on Form-10-Q (here), Dell disclosed that on November 20, 2009, it had entered a written agreement to pay million to settle the consolidated securities class action lawsuit pending against the company and certain of its directors and officers.

What makes the million Dell settlement noteworthy is not its amount but its timing – the settlement comes not only after the securities lawsuit had been dismissed with prejudice at the district court level, but following oral argument on the plaintiffs’ subsequent appeal to the Fifth Circuit.

Now, the admission made by Dell's new financial team - led by new Vice Chairman and CFO Don J.

Dell announced Wednesday that Kevin Rollins has resigned as chief executive officer, and company founder Michael Dell has retaken the helm of the PC company.

"This is not a short-term assignment," said Bob Pearson, a Dell spokesman.

In the company's long-delayed 8-K report to the SEC, issued just this afternoon, the company made the following admission: "The investigation found evidence that, in that timeframe [between fiscal 20], account balances were reviewed, sometimes at the request or with the knowledge of senior executives, with the goal of seeking adjustments so that quarterly performance objectives could be met.

The investigation concluded that a number of these adjustments were improper, including the creation and release of accruals and reserves that appear to have been made for the purpose of enhancing internal performance measures or reported results, as well as the transfer of excess accruals from one liability account to another and the use of the excess balances to offset unrelated expenses in later periods.

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Two shareholder derivative complaints that were eventually settled accused Carson, most of Costco’s board, and several chief executives at the company of illegally backdating stock options.

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