HP and Autonomy Battle Only Warming UP
April 10, 2014
Hewlett-Packard’s (www.hp.com ) long reign as the quiet powerhouse on the digital landscape may be over. According to a recent Inquirer article, “Autonomy’s Mike Lynch Slams HP for Misleading Shareholders” http://www.theinquirer.net/inquirer/news/2335139/autonomys-mike-lynch-slams-hp-for-misleading-shareholders brings them into the spotlight and we are not very impressed with what we see.
According to the article, Lynch told HP shareholders before a meeting recently:
“As you are aware, Hewlett Packard remains locked in dispute with a group of its own shareholders and with the former management team of Autonomy over its purchase of Autonomy…”
He continued:
“The evidence shows that HP is not just smearing us, but also misleading you, its shareholders.”
While this is surprising, it is by no means a total shocker. The tide has been swaying against HP lately, especially since their purchase of Autonomy. Last month, in fact, The Telegraph pretty much previewed this clash, saying: “Lynch, who was sacked by HP in May 2012, now faces a bitter battle to rescue his reputation. (HP CEO Meg) Whitman…is meanwhile under legal attack from her shareholders for allegedly failing in her duty to protect their money.” This is a recipe for an ongoing, disastrous clash. Frankly, we’re on Lynch’s side, seeing as how HP devalued Autonomy by over $8 billion since taking the controls. We suspect we will see more of this to come.
Patrick Roland, April 10, 2014
Sponsored by ArnoldIT.com, developer of Augmentext
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