HP hit with civil securities lawsuit over deal

Last updated 13:00 27/11/2012

Relevant offers

Gadgets

Silicon Valley juicer Juicero may be feeling the squeeze Bose headphones spy on listeners, claims lawsuit Someone combined the best parts of the Kindle and iPad Apple readies iPhone overhaul for its 10th anniversary Meet the man who built his own iPhone Review: Fujifilm X-T20, a camera you can grow with The mere tilt of your phone could cost you security Apple patents shock absorbers for iPhone to protect it and make it float Samsung is delaying a key part of its new voice assistant - the 'voice' part Hi fi: Not such a sound Sennheiser idea

Hewlett-Packard has been sued by an investor who claimed the company knew statements about its Autonomy acquisition were misleading and led the stock to fall, according to lawyers representing the plaintiff.

The proposed class action lawsuit was filed in a San Francisco federal court.

HP dropped a bombshell last Tuesday with an US$8.8 billion write-down on its acquisition of British software firm Autonomy, saying the company inflated sales with improper accounting. Autonomy co-founder Mike Lynch has denied any wrongdoing.

HP bought Autonomy for a hefty US$11.1 billion last year. HP has said it alerted regulators on both sides of the Atlantic.

The lawsuit, one of the first to be filed by investors on the Autonomy mess, said HP hid the fact it gained control of Autonomy based on financial statements that could not be relied upon. It also said that HP had not revealed to investors that it tried to undo the Autonomy agreement before it closed because of the accounting issues.

Ad Feedback

- Reuters

Comments

Special offers

Featured Promotions

Sponsored Content