HP sued over Autonomy-deal accounting fiasco
An investor has sued Hewlett-Packard Co. (HP), claiming the technology company knew about possible problems with its acquisition of software company Autonomy in 2011, but ignored them.
November 27, 2012 at 06:22 AM
2 minute read
The original version of this story was published on Law.com
An investor has sued Hewlett-Packard Co. (HP), claiming the technology company knew about possible problems with its acquisition of software company Autonomy in 2011, but ignored them.
Last week, HP announced that it would be taking an $8.8 billion charge as a result of fraudulent activity and misrepresentations made by Autonomy during its deal discussions. HP acquired the U.K.-based software company in late 2011.
The lawsuit accuses HP of hiding the fact that it acquired control of Autonomy based on unreliable financial statements and that it tried to back out of the Autonomy deal because of accounting issues before it closed.
The investor, who filed suit yesterday in San Francisco, is asking for class action status.
Read more InsideCounsel stories about this suit and other HP news:
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