HP Still Prepping for Autonomy Fight
February 13, 2014
Regular readers know we have been following HP’s legal actions against Autonomy. Now, reports Computing, “HP ‘Needs More Time’ to Move Ahead with Fraud Claims Against Autonomy.” Writer Peter Gothard reminds us:
“In a legal case stretching since 2012, HP has been trying to sue Autonomy for allegedly overvaluing itself shortly before acquisition in 2011, when HP handed over $11.1bn. A writedown of $8.8bn was later made by HP on the company. HP has now revealed that its board has reviewed the advice given by a committee of independent directors and has ‘made decisions with respect to the actions that it deems to be in the best interests of the company and its shareholders.’ This actually means that HP is now in agreement with Autonomy’s lawyers that the lawsuit should go on hold until 28 February 2014, with the board’s recommendations being discussed in detail between 18 and 20 February.”
Well, at least the two sides can agree on one thing. The story notes one other important fact, one that could lead HP execs to regret making a fuss in the first place: Last November, a U.S. district judge advised them that their shareholders may litigate against HP, even against CEO Meg Whitman personally, for failing to share suspicions about the Autonomy deal as soon as they noticed fishy-looking numbers. What’s next in this legal drama? Stay tuned.
Cynthia Murrell, February 13, 2014
Sponsored by ArnoldIT.com, developer of Augmentext
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