In yet another corporate scandal, Dell admitted to repeatedly lying about its financial results and said it had cooked its books for several years to meet financial targets.

After an internal probe revealed the accounting manipulations and irregularities - which usually occurred at the close of a quarter - Dell intends to restate the results relating to fiscal 2003, 2004, 2005, 2006 and the first quarter of 2007. 

Dell said the restatement would cut profits by $50 million-$150 million.

While the numbers may seem small for a multi-billion dollar company, Dell is suggesting the irregularities are significant.

“The accounting errors and irregularities that will be corrected are significant because of the combination of the number of issues identified, the qualitative nature of many of the issues, and in some cases, the dollar amounts involved,” the Round Rock, Texas company said Thursday.

Dell has been struggling Continue Reading…