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Law Offices of Jon C. Furgison Files Notice of Shareholder Class Action Against Hewlett-Packard Co


Sunday, 20 Jan 2013 08:39pm EST 

The Law Offices of Jon C. Furgison announced a shareholder class action filing against Hewlett-Packard Co alleging securities fraud in connection with the Company's 2011 acquisition of Autonomy Corporation, plc. The lawsuit, filed in U.S. District Court for the Northern District of California, and entitled Neumann v. Hewlett-Packard Company, et al., was brought on behalf of purchasers of HP common stock during the period between February 20, 2008 and November 20, 2012. Motions for lead plaintiff for this action are due in Court no later than January 25, 2013. According to the complaint, HP knew at the time it made its statements that it had vastly overpaid for Autonomy and that the purported synergistic benefits would never materialize. As widely reported, the company was forced to take an $8.8 billion write down related to its acquisition of Autonomy, which it announced on November 20, 2012. The complaint also alleges a fraudulent scheme by Hewlett-Packard and certain insiders from at least February 20, 2008 until the present, concerning one of its most profitable products, its Integrity servers. These servers are sold primarily to HP's largest corporate customers and typically carry high profit margin service contracts – in some years the Integrity servers have accounted for as much as 15% of profits. According to the complaint, beginning in early 2008, HP learned that the Integrity servers were facing obsolescence. 

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23 Jul 2014