Feeds

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

Wooing shareholders to smooth things over

Top 5 reasons to deploy VMware with Tegile

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. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
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.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.