Thursday, March 05, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Google Introduces Insurance Shopping Site
U.S. Trade Office Releases Latest Notorious Markets List
MPEG LA Introduces License for DisplayPort
Toshiba Starts Shipping 20-Megapixel CMOS Image Sensor For Mobile Devices
Larger iPad Production Pushed Back For September
Intel Outlines 2015 Gaming News at GDC
HBO, Apple To Launch Video Streaming Service: report
Xbox One wireless controller Adapter Coming To Windows PCs
Active Discussions
Newbie
Need serious help!!!!
burning
nvidia 6200 review
Hello
Burning Multimedia in track 0
I'm lazy. Please help.
sanyo e6 camera
 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 to Buy Aruba Networks
HP Introduces The Spectre x360 Convertible PC
HP Delivers Predictive Analytics at Big Data Scale
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

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 .