Computer giant Dell faces a delisting of its stock from the tech-heavy Nasdaq because of a delayed annual 10-K report.
The company has yet to file its financial results for the quarters ending August 4, 2006 and November 3, 2006 as well as its full fiscal year, ending February 2, 2007.
Yesterday Nasdaq authorities slapped the Round Rock, Texas-based firm with its second delisting notice. The first one was received in September last year, which forced Dell to promptly file for a hearing. A Nasdaq review panel decided to stay any future delisting action pending the outcome of an accounting investigation, which has reportedly uncovered several errors, financial control deficiencies, and evidence of misconduct.
Dell now has until May 4 to file all the necessary paperwork to complete the review.
Dell’s stock closed a few cents up on Nasdaq yesterday at $23.71, meaning that many investors have shrugged off this delisting notice in much the same way as they did the first one. Many simply believe that hell would have to freeze over before one of the world’s biggest computer markers lost its status on Nasdaq.