Hewlett-Packard and attorneys representing shareholders confirmed on Monday they had agreed to settle litigation over the $11.1 billion acquisition of British software company Autonomy.
HP, Cotchett, Pitre & McCarthy, LLP, and Robbins Geller Rudman & Dowd LLP have reached an agreement to settle shareholder derivative litigation. The settlement is subject to court approval.
Following HP’s announcement in November 2012 that Autonomy had engaged in accounting improprieties, misrepresentations and disclosure failures before HP acquired the company, lawsuits were filed against current and past HP directors, officers and advisors.
Under the terms of the settlement, plaintiffs and their counsel at Cotchett, Pitre & McCarthy, LLP, and Robbins Geller Rudman & Dowd LLP will assist HP in bringing claims against Lynch, Hussain and potentially others. In addition, all claims against current and former directors, officers and advisors of HP (other than legacy Autonomy officials and Autonomy’s advisors) related to or arising out of the Autonomy acquisition will be dismissed.