Dell announced that the company plans to request a hearing before a NASDAQ Listing Qualifications Panel in response to the receipt on Sept. 15
of a NASDAQ Staff Determination letter indicating Dell is not in compliance with the filing requirement for continued listing as set forth in Marketplace Rule 4310(c)(14).
As anticipated, the letter was issued in accordance with NASDAQ rules due to the delayed filing of the company's Form 10-Q for the quarter ended Aug. 4, 2006. Pending a decision by the panel, Dell shares will remain listed on The NASDAQ Stock Market.
As previously announced, Dell is unable to file its Form 10-Q for the quarterly period ended Aug. 4, 2006, because of questions raised in connection with an informal investigation by the U.S. Securities and Exchange Commission (SEC) into certain accounting and financial reporting matters, and the subsequently initiated independent investigation by the audit committee of its board of directors. The SEC requests for information were joined by a similar request from the United States Attorney for the Southern District of New York, who has subpoenaed documents related to the company's financial reporting from 2002 to the present. The company said it will file the report as soon as possible.