Feeds

US, UK probe HP claims of accounting mischief at Autonomy

Tech titan reveals fraud investigation, lawsuits

Secure remote control for conventional and virtual desktops

The US Department of Justice is investigating Hewlett Packard's allegations that British software company Autonomy cooked its books before it was bought up by HP.

Hewlett Packard claimed accounting irregularities and financial misrepresentation at Autonomy led to HP's $8.8bn loss in the fourth quarter of 2012. HP paid $11bn for the UK-based software service company in 2011. Hewlett Packard now believes it overpaid for Autonomy and claimed the false figures led to bad business projections also contributing to the heavy losses at HP.

HP confirmed the Department of Justice probe in its annual company report filed last week to US regulator the SEC. The tech titan said it had cooperated with investigators since 21 November. The UK's Serious Fraud Office and the US SEC are also examining the allegations against Autonomy.

HP's annual report lists ten separate legal actions launched by shareholders over the Q4 mega write down: three named Hewlett-Packard, two named former HP CEO Leo Apotheker and three cited Autonomy's founder Mike Lynch as the principal defendant.

Lynch denies any wrongdoing, refutes all the claims and has challenged HP to show any conclusive proof. He also set up a website AutonomyAccounts to publicise his side of the story. ®

Top 5 reasons to deploy VMware with Tegile

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The hidden costs of self-signed SSL certificates
Exploring the true TCO for self-signed SSL certificates, including a side-by-side comparison of a self-signed architecture versus working with a third-party SSL vendor.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.