An investigation on behalf of former and current employees of Hewlett-Packard Company, who acquired NYSE:HPQ shares, over potential breaches of fiduciary duty was initiated and former and current employees of Hewlett-Packard Company should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 12/11/2012 -- An investigation on behalf of former and current employees of Hewlett-Packard Company, who are or were participants or beneficiaries of the Hewlett-Packard Company employee company stock option plan and/or purchased and currently hold NYSE:HPQ stock, was announced concerning potential breaches of fiduciary duties by certain officers and directors at Hewlett-Packard Company in connection with the acquisition of Autonomy Corp. PLC.
Those who are former or current employees or members of the Hewlett-Packard Company investment plans or profit sharing retirement plans and purchased NYSE:HPQ shares or have information relating to this investigation, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.
The investigation by a law firm concerns whether certain Hewlett-Packard Company officials have possibly breached their fiduciary duties in connection with certain financial statements.
According to the investigation employees of Hewlett-Packard Company., who are or were current or former participants in the Hewlett-Packard Company Employee Stock Bonus Plan, may be eligible to file a complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them.
Investors in HPQ shares filed recently a lawsuit in the U.S. District Court for the Northern District of California against Hewlett-Packard Company over alleged securities law violations. The plaintiff alleges that Hewlett-Packard Company and certain of its officers and directors violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that alleges that between August 19, 2011 and November 20, 2012, defendants allegedly concealed that Hewlett-Packard Company had gained control of Autonomy in 2011 based on financial statements that could not be relied upon because of serious accounting manipulation and improprieties.
On August 18, 2011, Hewlett-Packard Company announced the terms of a recommended transaction under which Hewlett-Packard Company (through an indirect wholly-owned subsidiary, HP SPV) will acquire all of the outstanding shares of Autonomy for £25.50 ($42.11) per share in cash. The transaction was unanimously approved by the boards of directors of both Hewlett-Packard Company and Autonomy.
Hewlett-Packard Company said in the announcement that over the last five years, Autonomy has grown its revenues at a compound annual growth rate of approximately 55 percent and adjusted operating profit at a rate of approximately 83 percent. Furthermore, Hewlett-Packard Company said that Autonomy has a consistent track record of double-digit revenue growth, with 87 percent gross margins and 43 percent operating margins in calendar year 2010.
On October 3, 2012, Hewlett-Packard Company announced that it has acquired control of Autonomy Corporation plc.
Then on November 20, 2012, before the market opened, Hewlett-Packard Company reported its fourth quarter and FY 2012 results. Among other things, Hewlett-Packard Company disclosed that the Fourth quarter and full year fiscal 2012 results include a non-cash goodwill and intangible asset impairment charge of $8.8 billion relating to the Autonomy business within the Software segment. Hewlett-Packard Company said that the majority of this impairment charge is linked to serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation plc that occurred prior to HP's acquisition of Autonomy and the associated impact of those improprieties, failures and misrepresentations on the expected future financial performance of the Autonomy business over the long-term.
Shares of Hewlett-Packard Company (NYSE:HPQ) dropped from $13.39 per share on Nov. 19, 2012 to $11.36 on Nov. 20.2012.
Those who are former or current employees or members of the Hewlett-Packard Company investment plans or profit sharing retirement plans and purchased NYSE:HPQ shares or have information relating to this investigation, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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