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Bronstein, Gewirtz & Grossman, LLC Announces Investigation Into Hewlett-Packard Co's Acquisition Of Autonomy Corporation


Tuesday, 20 Nov 2012 04:20pm EST 

Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of the securities of Hewlett-Packard Co. The investigation is relating to possible securities violations in connection with the Company's acquisition of Autonomy Corporation. On November 20, 2012, Shares of HP fell $1.50 or 11% to trade at $11.80 during intraday trading hitting a 10-year low after the Company revealed while disclosing its quarterly earnings that it was misled into substantially overvaluing Autonomy when it acquired the software firm last year. As a result, the Company announced a non-cash impairment charge of $8.8 billion, of which the Company says that "more than $5 billion is linked to serious accounting improprieties, misrepresentation and disclosure failures discovered by an internal investigation by HP and forensic review into Autonomy's accounting practices prior to its acquisition by HP." According to HP, the investigation was triggered by a whistleblower, a senior member of Autonomy's leadership team, who came forward, following the departure of Autonomy founder Mike Lynch, alleging that there had been a series of questionable accounting and business practices at Autonomy prior to the acquisition by HP." Lynch had joined HP following the acquisition, where he was leading Autonomy as a separate business unit and reporting to CEO Meg Whitman. 

Company Quote

35.78
0.46 +1.30%
1:51pm EDT