Free Market Evaluation - Send us your resume and we will give you free feedback
Popeyes Shift Manager Fired for Allowing Gunman to Take $400
Popeyes Shift Manager Fired for Allowing Gunman to Take $400
Uber Sued for Refusing to Taxi Guide Dogs of the Blind
Uber Sued for Refusing to Taxi Guide Dogs of the Blind
Comcast and Time Warner to Discuss Merger with Department of Justice
Comcast and Time Warner to Discuss Merger with Department of Justice
Upon Net Neutrality Rules Being Published, Legal Challenge Filed
Upon Net Neutrality Rules Being Published, Legal Challenge Filed
Legal Job Listings
Download PDF

Hewlett Packard Sued by Investor View Count: 124

On Monday, a lawsuit was filed against Hewlett-Packard Co, according to a report by Reuters. The company was sued by an investor who made allegations that Hewlett knew statements about its acquisition of Autonomy were misleading and caused the stock to drop, according to attorneys representing the plaintiff in the lawsuit.

The lawsuit, which is a proposed class action lawsuit, was filed in a federal court in San Francisco. Last Tuesday, Hewlett Packard announced an $8.8 billion write-down on the company’s acquisition of Autonomy, a software company from Britain. In the announcement, Hewlett Packard said that Autonomy inflated its sales with improper accounting practices.

The co-founder of Autonomy, Mike Lynch, continues to deny the allegations made by Hewlett Packard in that announcement. Autonomy was purchased for $11.1 billion in 2011 by Hewlett Packard, which said it has told regulators about the issue in the United States and in Britain.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




In the lawsuit, the plaintiff said that Hewlett Packard decided to hide the notion that it gained control of Autonomy based on unreliable statements. The lawsuit is the first to be filed by an investor of the company since the scandal broke. The lawsuit also claims that Hewlett Packard did not reveal that the company attempted to get out of the Autonomy agreement before it became official because of the accounting problems.

Hewlett Packard Sued by Investor by

Tagged: , ,

Posted by on November 27, 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
IP Legal Administrative Assistant
USA-NJ-Shrewsbury
Role Description: Member of the IP Legal Support Team responsible for supporting Partners, Associates, and Technical Advisors in intellectual property matters, with a primary focus on domestic pate...


Apply now

Related Posts: