Feeds

US, UK probe HP claims of accounting mischief at Autonomy

Tech titan reveals fraud investigation, lawsuits

Providing a secure and efficient Helpdesk

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. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

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.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.