Feeds

HP clinches six week extension on whether to join shareholders' suit against Autonomy

We know what we're gonna do - just let us think about it first

Top three mobile application threats

HP has said that it has made decisions about how to proceed with a case brought by its shareholders over the $8.8bn writedown for the acquisition of Autonomy – but it wants six more weeks to mull them over.

The company was given until last Friday to think about recommendations by a committee of independent directors over the securities fraud claims made by stockholders following the 2012 writedown.

The committee was going to decide whether the company should try to defend itself against the claims or join the shareholders in suing Autonomy.

But HP now says that it has agreed with shareholders' lawyers to keep the lawsuit on hold until the end of February to figure things out.

HP claims that it's also a victim in the writedown, insisting that Autonomy and its execs, including former chief Mike Lynch, doctored the books. But Lynch has rigorously denied any wrongdoing, saying that what HP views as accounting fraud is just a matter of the differences in how British and US companies report their earnings.

The fiasco is being investigated by a number of regulators, including the Serious Fraud Office in Blighty and the Department of Justice, along with the SEC, in the US.

Shareholders have also been given the go-ahead to pursue a different lawsuit that accused HP and its chief Meg Whitman of not coming clean back in 2012 as soon as they found out that HP may have overpaid on the Autonomy deal. ®

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
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
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
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.