Newman Ferrara LLP announces that a class action lawsuit has been filed against Hewlett-Packard Co. (“HP”) (NYSE: HPQ) and certain of its executive officers, alleging violations of federal securities laws.
Investors who purchased HP securities between August 19, 2011 and November 20, 2012 (the “Class Period”) may apply with the Court to be appointed Lead Plaintiff no later than January 25, 2013. The Lead Plaintiff will direct the litigation on behalf of the other class members. The Court will select the Lead Plaintiff from among applicants claiming the largest investment losses.
Investors who purchased shares of HP stock during the Class Period are encouraged to contact Newman Ferrara attorney Roy Shimon at email@example.com or call (212) 619-5400 to discuss this lawsuit or the Lead Plaintiff process.
On August 18, 2011, HP acquired software maker Autonomy Corporation (“Autonomy”) for $10.2 billion. On November 20, 2012, HP announced that it had taken an $8.8 billion write-down from its acquisition of Autonomy due to accounting improprieties that existed at Autonomy. On this news, HP’s stock plunged to its 52-week low of $11.35 per share.
The Complaint alleges that the defendants knew, but concealed from the public, that at the time HP acquired Autonomy, Autonomy’s reported operating results and historic growth were the result of serious accounting improprieties, including the mischaracterization of sales and the improper recognition of revenue. Numerous published reports have claimed that Autonomy’s questionable accounting practices were no secret and numerous red flags should have warned HP before it acquired Autonomy. HP’s acquisition of Autonomy is currently being investigated by the FBI and SEC.
Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.