Dell is fast approaching a deadline to stay listed on Nasdaq, and must either file a year's worth of delinquent financial reports by Monday or face the prospect of being kicked off the stock exchange. Dell, though, is pinning its hopes that the full Nasdaq Board of Directors will agree to consider its case and keep it listed. Dell is working to complete an almost-year long investigation into its accounting and financial reporting; that probe so far has found accounting errors, evidence of misconduct and deficiencies in the financial control environment, the company has said. Dell has said it can't file its overdue 10-Qs and 10-K report with regulators until the probes are complete.
It has said the investigation being undertaken by the Audit Comittee of its own Board of Directors is "complex," but has revealed no other details. Should the Nasdaq Board of Directors turn down Dell's request - - which stems from a decision by the Nasdaq Listing and Hearing Review Council to give it until July 16 to file its past-due reports - - Dell could still appeal to the U.S. Securities and Exchange Commission under Nasdaq rules. However, those rules are unclear as to how such an appeal to the SEC would work.