SEC, Nasdaq gently coshing NEC
PrintDance of the acronyms
Posted in IT Channel, 25th October 2006 11:18 GMT
Free whitepaper – Straight Talk with Dell: Sending out an SaaS
The SEC has moved up the pressure on NEC a notch, sending the Japanese firm an "informal inquiry letter".
The letter asks NEC to disclose certain documents to the US markets regulator, the firm said yesterday, adding it would cooperate fully with the SEC inquiry.
NEC has had a tricky few weeks in the US. Last month it received a delisting notice from NASDAQ after it failed to file its annual report in time, apparently to review its accounting practices. Its main problem, was how to recognise "revenue from maintenance and support services provided as part of multiple element arrangements with respect to IT solutions".
It's not immediately clear if this difficulty is the reason why it announced yesterday that it would begin preparing its accounts in line with Japanese accounting principals as of the first half of the fiscal year ending March 31, 2007, i.e., the six months ending September 30. In the meantime, the preparation of US GAAP results "may take considerable time".
It is also not clear what bearing this will have on its ongoing issues with NASDAQ. ®
Free whitepaper – Straight Talk with Dell: Sending out an SaaS
The Register Agile Data Center Summit
What Exchange can't do - and Dell can
New storage architectures make SSDs more cost-effective
Dell PowerEdge R710 solution with VMware ESX vs. Dell PowerEdge 2850 solution
Sign up, sign up for The Register IT security newsletter
Microsoft's Windows 7 price gamble - and why it's flawed
Managing Desktop Software for fun and profit
Intel's flash new SSDs hit by bugs