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

Designing a Defense for Mobile Applications

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. ®

The smart choice: opportunity from uncertainty

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
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
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
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.