Michael Dell Doubles Back

The company's accounting methods are also under investigation by the SEC; this has in turn caused Dell to delay filing its quarterly financial reports, putting its stock at risk of getting delisted.

As the company continues to flounder, the notion that the return of the founder could bring back the glory days has gained currency on Wall Street, although the company has consistently said it was not considering such a course of action.

Daniel Morgan, a portfolio manager at Synovus Securites said Dell's return was not too much of a surprise, given the company's poor performance of late.

"It's like the old quarterback coming off the bench. He led you to the Super Bowl before, let's see whether he can do it again," said Morgan, whose firm does not currently have a position in Dell.

Apple(AAPL Quote - Cramer on AAPL - Stock Picks), for instance, famously emerged from its funk after bringing back co-founder Steve Jobs in 1997.

But while Dell's change struck Morgan as encouraging, it isn't enough to get him involved in the stock.

"I would need to see more evidence of some sort of positive things happening before we start jumping on it. Right now, there's nothing there to grab hold of except for the name change," he said.

And while its tempting to lay the company's recent string of problems at Rollins' feet, the reality is a bit more complicated.

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