Hewlett Packard (HPQ) Shareholder Lawsuit
Hewlett Packard (HPQ) Shareholder Lawsuit Summary
On November, 20 2012, Hewlett-Packard announced it would take an $8.8 billion write down on its August 2011 acquisition of Autonomy, a British software firm. News of this large write down caused HPQ stock to fall to a closing price of $11.71, HPQ's lowest stock price in over a decade. Hewlett Packard's CEO Meg Whitman explained that this write down was largely caused by Autonomy’s intentional manipulation of its financial metrics before the acquisition, an accusation rejected by Autonomy’s former CEO.
Hewlett Packard (HPQ) Shareholders Have Raised Questions About HPQ's Disclosures And HPQ's Acquisition Process
Is HPQ’s Board of Directors portraying itself as a victim of fraud to deflect criticism of its own failure to perform proper due diligence before agreeing to purchase Autonomy? As one former bank examiner for the Federal Reserve stated, ‘we paid too much because of fraud’ doesn’t negate the fact of inadequate due diligence. Some responsibility needs to come back to HP.”
Did HPQ employ adequate due diligence protocols during the Autonomy diligence process?
Were HPQ executives aware of the accounting problems at Autonomy, but failed to disclose those problems?
Hewlett Packard (HPQ) Shareholder Rights Investigation
The questions set forth above, raise basic questions of whether senior management and the board of directors of Hewlett Packard (HPQ) are properly executing their respective duties to HPQ shareholders. If you are a current Hewlett Packard shareholder and would like to learn more about our investigation or if you wish to discuss these matters or have any questions concerning this investigation, please contact us by competing the contact form or call Attorney George Pressly at 1 (800) 631-6234.