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HP to actively 'seek redress' for alleged Autonomy accounting fraud

concertina226 (2447056) writes | about a year and a half ago

Crime 0

concertina226 (2447056) writes "Hewlett-Packard is planning to "aggressively" seek recompense for alleged accounting fraud related to the acquisition of its Autonomy unit, which resulted in the vendor taking a non-cash impairment charge of £5.5 billion (US$8.8 billion).

  HP acquired Autonomy in 2011 for $10.3 billion under the leadership of then-CEO Leo Apotheker, who was ousted after a short and tumultuous run at the troubled company. On Tuesday, HP said an internal investigation has found 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.""

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