An investigation on behalf of current long term investors in Hewlett-Packard Company (NYSE:HPQ) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:HPQ stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 12/03/2012 -- An investigation on behalf of current long-term investors in shares of Hewlett-Packard Company (NYSE:HPQ) was announced concerning whether certain directors and officers of Hewlett-Packard Company (NYSE:HPQ) breached their fiduciary duties in connection with recently disclosed allegedly irregularities at Autonomy Corporation
Investors who are current long term stockholders in shares of the Hewlett-Packard Company (NYSE:HPQ) shares, 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 for current long term investors in Hewlett-Packard Company (NYSE:HPQ) stocks follows a lawsuit filed earlier by shareholders against Hewlett-Packard Company (NYSE:HPQ) shares over alleged securities laws violations in connection with certain statements made in connection with Autonomy.
The investigation on behalf of current long term investors in Hewlett-Packard Company (NYSE:HPQ) stocks concerns whether certain Hewlett-Packard officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. U.S. District Court for the Northern District of California the plaintiff alleges that Hewlett-Packard Company (NYSE:HPQ) 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.
Shares of Hewlett-Packard Company (NYSE:HPQ) increased from $22.32 on September 23, 2011 to as high as $29.59 per share on February 17, 2012.
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 current long term stockholders in shares of the Hewlett-Packard Company (NYSE:HPQ) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego