Dell to restate earnings after finding it was on the fiddle

HAVING INVESTIGATED themselves, Dell bosses found they had been fiddling their figures, that they'd done so for three years and that they knew they'd been doing so all along.

But, in a statement, Dell said it wasn't sure which bosses were resonsible for the "improperly stated" earnings figures. Or rather, it does know but isn't saying. The company said it is executives were "taking responsibility as a team."

Which is nice. Although you can bet that all those folk sitting on Dell's production lines building its PCs didn't have a clue about the dishonest shenanigans their bosses were indulging in.

The company said it will restate its accounts for the past four years after the investigation showed "certain adjustments appear to have been motivated by the objective of attaining financial targets."

Dell said the changes will take about one per cent off its previously-reported "sales" figures and about $150 million (£75 million) from net profit, or 2 to 7 cents per share.

Ex-CEO Kevin Rollins left the firm in January as Mikey Dell took back the reigns. CFO Jim Schneider left a few days before Rollins.

The company's internal audit committee first said in March that it had found "evidence of misconduct."

The company is still being investigated by the US Securities and Exchange Commission. µ