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Hewlett-Packard Company (NYSE:HPQ) Investor Alert: Lawsuit over alleged Accounting Improprieties

A lawsuit was filed for certain investors in shares of Hewlett-Packard Company (NYSE:HPQ). Deadline: January 25, 2013. HPQ investors, who purchased a significant amount, should contact the Shareholders Foundation by mail@shareholdersfoundation.com

 
 
mail@shareholdersfoundation.com
PRLog - Dec. 17, 2012 - SAN DIEGO -- An investor in shares of Hewlett-Packard Company (NYSE:HPQ) filed a lawsuit in the U.S. District Court for the Northern District of California against Hewlett-Packard Company over alleged securities laws violations in connection with certain statements in regards to the Autonomy Corporation.

If you purchased shares of Hewlett-Packard Company (NYSE:HPQ) between August 19, 2011 and November 20, 2012, you have certain options and there are short and strict deadlines running. Deadline: Jan. 25, 2012. NYSE:HQP investors, who purchased a substantial amount of shares between August 19, 2011 and November 20, 2012, and/or are current long term NYSE:HPQ stockholders, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Hewlett-Packard Company (NYSE:HPQ) common stock during the period between August 19, 2011 and November 20, 2012, that Hewlett-Packard Company (NYSE:HPQ) and certain of its officers and directors violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that alleges that between August 19, 2011 and November 20, 2012, defendants allegedly concealed that Hewlett-Packard Company had gained control of Autonomy in 2011 based on financial statements that could not be relied upon because of serious accounting manipulation and improprieties.

On August 18, 2011, Hewlett-Packard Company announced the terms of a recommended transaction under which Hewlett-Packard Company (through an indirect wholly-owned subsidiary, HP SPV) will acquire all of the outstanding shares of Autonomy for £25.50 ($42.11) per share in cash. The transaction was unanimously approved by the boards of directors of both Hewlett-Packard Company and Autonomy.

Hewlett-Packard Company said in the announcement that over the last five years, Autonomy has grown its revenues at a compound annual growth rate of approximately 55 percent and adjusted operating profit at a rate of approximately 83 percent. Furthermore, Hewlett-Packard Company said that Autonomy has a consistent track record of double-digit revenue growth, with 87 percent gross margins and 43 percent operating margins in calendar year 2010.

Hewlett-Packard Company (NYSE:HPQ) reported that its Total Revenue increased from over $114.17 billion for the 12 months period that ended on Oct. 31, 2009 to over $127.24 billion for the 12 months period that ended on Oct. 31, 2011.

On October 3, 2012, Hewlett-Packard Company announced that it has acquired control of Autonomy Corporation plc.

Shares of Hewlett-Packard Company (NYSE:HPQ) increased from $22.32 on September 23, 2011 to as high as $29.59 per share on February 17, 2012.

On November 20, 2012, before the market opened, Hewlett-Packard Company reported its fourth quarter and FY 2012 results. Among other things, Hewlett-Packard Company disclosed that the Fourth quarter and full year fiscal 2012 results include a non-cash goodwill and intangible asset impairment charge of $8.8 billion relating to the Autonomy business within the Software segment.  Hewlett-Packard Company said that the majority of this impairment charge is linked to serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation plc that occurred prior to HP's acquisition of Autonomy and the associated impact of those improprieties, failures and misrepresentations on the expected future financial performance of the Autonomy business over the long-term.

Shares of Hewlett-Packard Company (NYSE:HPQ) dropped from $13.39 per share on Nov. 19, 2012 to $11.36 on Nov. 20.2012.

Those who purchased shares of Hewlett-Packard Company (NYSE:HPQ) between August 19, 2011 and November 20, 2012, have certain options and there are short and strict deadlines running. Deadline: Jan. 25, 2012. NYSE:HQP investors, who purchased a substantial amount of shares between August 19, 2011 and November 20, 2012, and/or are current long term NYSE:HPQ stockholders, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
Location:San Diego - California - United States
Industry:Business, Finance
Tags:hewlett-packard company, nyse:hpq, lawsuit, class action, securities class action
Shortcut:prlog.org/12044134
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