SEC Sues 2 Former Dell Execs

WASHINGTON (CN) – Two top executives “maintained a number of ‘cookie jar’ reserves that they used to cover shortfalls in Dell’s operating results” for three years, the SEC claims in Federal Court. It sued Dell’s former assistant controller Randall Imhoff, and Robert W. Davis, “one of Dell’s most senior accounting personnel,” in separate complaints.

     The SEC claims Dell and its executives “materially misrepresented Dell’s financial results,” to make it appear that the company was meeting Wall Street’s earnings targets, from 2001 to 2004 in Imhoff’s case, and from 2001 to 2005 in Davis’s case.

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