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 email@example.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.