Wednesday, January 28, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Spying Program Runs Global Internet Watch: CBC
PlayStation Meets Spotify
Facebook Intros Trending Super Bowl
YouTube Now Defaults to HTML5
HP Led The Notebook Market In 2014
New PlexTurbo Supports More SSD Models
Google Expands Its Fiber Internet Network
Fujitsu Technology Streamlines Network Operations
Active Discussions
Need major help with Gigabeat
New match-3 puzzle game launch now!
Rimage 2000i
Sound card for my Laptop
hello
full screen wide screen
Hi
About the restriction problem of chapter quantity in DVD
 Home > News > General Computing > HP Says...
Last 7 Days News : SU MO TU WE TH FR SA All News

Tuesday, November 20, 2012
HP Says Autonomy Lied About Finances Prior To Acquisition


Hewlett-Packard said on Tuesday the British company Autonomy it bought for $9.7 billion last year lied about its finances, resulting in a massive write-down of the value of the business.

HP said it took an $8.8 billion charge related to its acquisition of Autonomy, as citing "serious accounting improprieties," as it swung to a fourth-quarter loss.

"HP is extremely disappointed to find that some former members of Autonomy's management team used accounting improprieties, misrepresentations and disclosure failures to inflate the underlying financial metrics of the company, prior to Autonomy's acquisition by HP. These efforts appear to have been a willful effort to mislead investors and potential buyers, and severely impacted HP management?s ability to fairly value Autonomy at the time of the deal. We remain 100 percent committed to Autonomy and its industry-leading technology," HP said in a statement.

HP says that the majority of the $8.8 billion impairment charge, more than $5 billion, is linked to the "accounting improprieties, misrepresentation and disclosure failures" discovered by an internal investigation by HP and forensic review into Autonomy's accounting practices prior to its acquisition by HP.

HP launched its internal investigation into these issues after a senior member of Autonomy?s leadership team came forward, following the departure of Autonomy founder Mike Lynch, alleging that there had been a series of questionable accounting and business practices at Autonomy prior to the acquisition by HP.

HP now believes that Autonomy was substantially overvalued at the time of its acquisition due to the misstatement of Autonomy's financial performance, including its revenue, core growth rate and gross margins, and the misrepresentation of its business mix.

HP has referred this matter to the US Securities and Exchange Commission's Enforcement Division and the UK's Serious Fraud Office for civil and criminal investigation. The company says it will aggressively pursue this matter in courts in the months to come.


Previous
Next
Sony To Offer 4K Content Streaming Solution With Upcoming XBR-84X900 4K TV        All News        MediaTek Integrates Microsoft Smooth Streaming Client Technology Into Chips
Latest Firefox Integrates Facebook     General Computing News      Google Licences 5.5 Billion Songs For European Google Play Service

Get RSS feed Easy Print E-Mail this Message

Related News
HP Led The Notebook Market In 2014
HP Refreshes Its Tablet Lineup
HP Takes Legal Actions Against Patent Infringing Inkjet Supplies
HP Announces new Mini Desktops And Workstation for the office
HP Debuts Virtual Reality Displays
HP To Release New Operating System in 2015
HP Unveils Ultra-thin Business-Class Notebooks
HP Reports Fiscal 2014 Full-Year and Fourth Quarter Results
HP Releases The OMEN Gaming Notebook
HP Smartwatch Looks Classic, Coming Next Week
HP Broadens Moonshot Portfolio With Intel-powered Models
HP To Separate Into Two Public Companies

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .