Dell Dashes Momentum

Or, it could be that based on its preliminary review, the SEC has found issues it wants to explore further.

Whatever the case, though, says Perlis, it is not a positive sign for Dell.

He noted that formal investigations can take anywhere from several weeks to several years, and that the menu of remedies available to the SEC range from levying fines and seeking restatements to barring people from serving as officers or directors.

An SEC spokesperson told TheStreet.com earlier this year that the commission sues about 600 companies a year for securities law violations.

What the investigation actually involves is not entirely clear, and Dell has not gone out of its way to clarify things.

In a statement about the probe earlier this year, Dell said it involves the "possibility of misstatements in prior period financial reports, including issues relating to accruals, reserves and other balance sheet items that may affect the company's previously reported financial results."

Analysts took turns speculating about the nature of the mysterious probe Thursday in a slew of notes to investors.

American Technology Research analyst Shaw Wu posited that it could relate to Dell's treatment and accounting of marketing rebates from Intel(INTC Quote) and its product warranties.

Richard Gardner of Citigroup reckoned that any enforcement actions stemming from the investigation were likely to be minor, given the relatively limited potential for abuse in Dell's direct sales business model.