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Federal Contractor Misconduct Database (FCMD)
The federal government routinely awards contracts to companies with
histories of misconduct, including
…
contract fraud and other
violations. POGO believes that providing this website will help to
improve contracting decisions and increase public knowledge of how
the government spends billions of taxpayer dollars each year.
Read more…
Accounting Irregularities (Derivative Litigation)
In August 2007, Dell announced it would restate four years of financial results (fiscal years 2003-2006 and the first fiscal quarter of 2007) after an internal audit found that senior executives sought accounting adjustments “motivated by the objective of attaining financial targets.” According to Dell, “a number of these adjustments were improper,” and “[t]he investigation found that sometimes business unit personnel did not provide complete information to corporate headquarters and, in a number of instances, purposefully incorrect or incomplete information about these activities was provided to internal or external auditors.” In September 2009, Dell settled a stockholders’ derivative lawsuit by agreeing to pay $1.75 million in legal costs and implement various corporate governance changes. The Securities and Exchange Commission is also investigating the matter (see related Dell pending instance, “Accounting Irregularities.”)
- Misconduct Type
- Securities
- Enforcement Agency
- Non-Governmental
- Contracting Party
- None
- Court Type
- Civil
- Disposition
- Settlement
- Date of 8-K
- 9/28/2009
Contractors Involved |
Penalty |
Total |
|
Dell, Inc. |
$1,750,000
|