Feeds

US SEC curious about HP CEO's stock sales - report

What did he know?

  • alert
  • submit to reddit

High performance access to file storage

The US Securities and Exchange Commission (SEC) has tapped HP on the shoulder for information as it examines stock sales made by CEO Mark Hurd before he joined the company, according to a report.

BusinessWeek has two sources confirming that the SEC is curious about Hurd's sale of NCR stock in the weeks before he left that company to head up HP. The question at hand is whether or not Hurd knew he was up for the HP post before initiating the sales. HP insists that all stock sales occurred before Hurd learned that he was in line possibly to replace Carly Fiorina.

"The shares were sold before any discussion occurred with HP, and there's no question whatsoever about the propriety of the transactions," HP spokesman Robert Sherbin told the magazine.

Hurd sold close to 36,000 NCR shares in early March with one especially large sale of 27,346 shares at $38.37 per share giving him $1.05m. That sale price is just below NCR's 52-week high of $39.84. Shares of NCR fell 17 per cent on 29 March when HP announced its hiring of the executive.

"HP has provided the SEC with information on Hurd's trades, along with a timeline of events that confirms his discussions with the company took place after the trades," BusinessWeek said. "Hurd decided to sell stock roughly a week before the last trades on Mar. 3, but it took until that day for NCR to clear the sale by its then-CEO."

The SEC routinely has a peek into company books after noticing something in the press or receiving a complaint. It never comments on such matters to say whether or not the issue has been resolved. ®

Related stories

HP to drop 3,000 staff in fiscal '05
Sun King vows to ask new HP Chief on a Solaris x86 date
15,000 HP workers get nervous as analyst predicts massive job cuts
New HP CEO coasts through mediocre Q2
HP's Hurd faces first big test - was the Compaq buy a failure?
Fiorina ready to discuss 'most successful hi-tech merger in history'
HP prints up thousands of severance packages
NCR's Q1 goes the way of the Hurd
HP inks Big Brother database contract
Why Fiorina wasn't the right man for the HP CEO post
HP makes Hurd the $20m man

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.