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Hagens Berman Announces Investigation of Hewlett-Packard Co's Board of Directors for Possible Breach of Fiduciary Duties in Acquisition of Autonomy


Wednesday, 21 Nov 2012 06:00pm EST 

Hagens Berman Sobol Shapiro LLP, a national shareholder-rights law firm, announced an investigation of Hewlett-Packard Co and its board of directors for potential breaches of fiduciary duties in connection with the company’s acquisition of Autonomy Corp. PLC (Autonomy). On Nov. 20, 2012, HP announced its quarterly earnings, which included a quarterly loss and a $8.8 billion write down. The company said that HP’s acquisition of Autonomy, a British software firm HP purchased for $11.7 billion in Aug. 2011, contributed to the write down. Meg Whitman, CEO of HP, accused Autonomy of intentionally inflating financial metrics before the acquisition. On the news, HP’s stock price fell $1.59, or about 12%, closing at $11.71 on Nov. 20, 2012. Hagens Berman is investigating whether the HP Board of Directors is properly painting itself as a victim of the alleged fraud, or whether it failed to perform a full due diligence in examining Autonomy’s financial information before acquiring the company. The investigation also focuses on the purported reasons for HP’s write down. 

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