Bronstein, Gewirtz & Grossman, LLC Announces Investigation Into
Hewlett Packard Company's Acquisition of Autonomy Corporation
NEW YORK, Nov. 20, 2012 /PRNewswire/ -- Bronstein, Gewirtz
& Grossman, LLC is investigating potential claims on behalf of
purchasers of the securities of Hewlett Packard Company. ("HP" or
the "Company") (NYSE: HPQ). 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. He then left the company in May 2012 following a very disappointing license
revenue quarter for Autonomy. By that time, most of
Autonomy's pre-acquisition senior management team had already left
HP.
If you are aware of any facts relating to this investigation, or
purchased shares of HP, you can assist this investigation by
contacting either Peretz Bronstein
or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
eitan@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
eitan@bgandg.com
SOURCE Bronstein, Gewirtz & Grossman, LLC