Feeds

HP in 'serious' settlement talks over Autonomy legal bust-up

Wooing shareholders to smooth things over

Eight steps to building an HP BladeSystem

Hewlett-Packard seems poised to settle a lawsuit with shareholders over its $10.7bn purchase of Mike Lynch’s software company, Autonomy.

The computer company said in a statement that it is in “serious discussions” to settle the suit, brought in November 2012 by angry shareholders.

“No final deal has been reached yet,” HP said.

The shareholders’ suit claimed members of HP’s management had misled them by allegedly concealing data about the state of the Autonomy business.

In November 2012, HP wrote down $8bn from its financial results and called in the SEC, claiming Autonomy had mis-represented its value before and during the 2011 purchase.

The ensuing lawsuit named HP, former CEO Leo Apotheker (who brokered the deal), current boss Meg Whitman, chief financial Cathie Lesjak and treasurer James Murrin.

Autonomy’s former chief executive Mike Lynch went on the offensive with the news. Lynch has consistently denied any problems with his company’s accounts and came out swinging on Friday, accusing HP of launching a "smear campaign".

He claimed that in seeking settlement with HP’s shareholders, Whitman is throwing cash at the problem while he again accused her of making false allegations about the state of Autonomy in November 2012.

“We continue to reject HP’s allegations, and note that over recent months a number of documents have emerged that prove Meg Whitman misled her shareholders. We hope this matter will now move beyond a smear campaign based on selective disclosure and HP will finally give a full explanation,” Lynch said in a statement. ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Bose says today IS F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
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
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
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
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.