Dell proposes settlement to SEC

ROUND ROCK, Texas, July 17 (UPI) -- Dell Inc. said it has proposed a settlement with U.S. regulators over the computer maker's accounting for deals with chip giant Intel Corp.

Staff at the Securities & Exchange Commission agreed to recommend the settlement to SEC commissioners, Dell said in a release. The settlement would require approval of the SEC and a district court.

Dell, based in Round Rock, Texas, provided few specifics of the proposal beyond saying it was in keeping with the company's disclosure last month it was in talks with the SEC concerning "certain accounting and financial reporting matters," The Wall Street Journal reported Saturday.

The company set aside $100 million in June as cash for part of the potential settlement.

The SEC's investigation has led Dell to delay filing some quarterly and annual reports and to restate four years of earnings, the Journal said.

Dell's announcement preceded Friday's annual meeting, where Chief Executive Officer Michael Dell told shareholders, "The growth is back in our business."

Chief Financial Officer Brian Gladden said Dell would look at small or midsized acquisitions to provide more business services before the meeting adjourned within an hour.

Dell said it plans to reconvene the annual meeting Aug. 12, giving shareholders a "reasonable amount of time" to consider the information from the SEC investigation and related settlement discussions.