Feeds

'HP has just days to cough what it knew about Autonomy'

Former SEC aide urges watchdog to 'hold HP's feet to fire'

Securing Web Applications Made Simple and Scalable

HP will have to bare all in its beef with Autonomy's former management before the year is out, a former SEC advisor has suggested.

Hewlett-Packard took an $8.8bn write-down last month after alleging accounting errors were made at Brit biz Autonomy in the weeks before HP acquired it for $10.7bn in 2011.

In turn Autonomy co-founder and ex-CEO Mike Lynch rubbished HP's claims, denying any wrongdoing, and set up a website to spearhead his fightback - although neither side has fired off any lawsuits, and HP has yet to expand upon its complaint.

Tim Selling - a former aide to SEC, the US financial watchdog - said HP has complied with regulators over the debacle "but there are still far too many unknowns to conclude that HP has been adequately forthcoming".

"What I do know, however, is that SEC rules will eventually compel HP to tell the public in clear language what all the fuss has been about," he wrote on his website.

These regulations require HP to outline its "management's discussion and analysis of financial condition and results of operations" (MD&A). Selling calculated this document should be filled no later than the final day of 2012.

MD&A declarations reveal to investors what bosses know about the state of the business, how they gathered this information, how it shapes their financial forecasts, and what actions executives are taking or may take to minimise negative impacts.

Selling argued the issues that forced HP to writedown $8.8bn on Autonomy are worth an SEC probe and its new chair Elisse Walter needs to hold the vendor's "feet to the fire". ®

Build a business case: developing custom apps

More from The Register

next story
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.