After facing delisting on Nasdaq multiple times for failing to file earnings reports with the US Securities and Exchange Commission on time, Dell has announced that it's fully compliant with the stock exchange's listing requirements.
The company received a notice from The Nasdaq Stock Market that it regained compliance after its Tuesday filing of restated earnings reports from fiscal 2003 to the first quarter of 2007, the company said. Nasdaq earlier set a deadline of November 12 for Dell to file the earnings reports.
Dell restated its earnings after completing an internal accounting investigation on Tuesday. The company cut its cumulative net income by $92m from a previously reported net income of $12bn and reduced revenue by $359m from the previously reported $196.2bn for the restatement period. The SEC is still investigating Dell for accounting errors for certain periods prior to fiscal year 2006.
Dell is trying to restructure amid the accounting scandal, personnel changes and slow growth in the US PC market. In January, Michael Dell returned as CEO in an effort to revive the company after Kevin Rollins resigned. In May, Dell announced it would cut 10 percent of its workforce. It is also battling Hewlett-Packard, which is closing in on Dell's position as the leading US PC vendor, according to surveys.