HP Shareholders File Lawsuit Over Autonomy Acquisition
MAY 6, 2013 - 7:34 am
Hewlett-Packard shareholders have filed a lawsuit claiming that the company’s executives and advisers were involved in a massive breach of their fiduciary duties relating to the acquisition of UK-based Autonomy.
Bloomberg reported that Hewlett-Packard shareholders have filed a lawsuit claiming that the company’s executives and advisers ignored warnings about accounting irregularities at Autonomy and failed to properly vet its finances before acquiring the British software maker.
In a complaint filed in the U.S. District Court, Northern California, Joseph Cotchett, an attorney for the investors, said Hewlett-Packard board members performed “no technical due diligence” and the company’s executives and advisers “misrepresented facts to conceal their own failings.”
Sixteen individual defendants are named in the suit including Meg Whi8tman, current HP CEO and Leo Apotheker, former CEO of HP. Also named in the action are Barclays Capital and Perella Winberg Partners. In the complaint, Barclay’s is said to have been HP’s financial adviser, but was conflicted in advising the board while simultaneously underwriting the financing of the deal.
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