Quantcast
Latest Stories

HP says gov’t investigating troubled Autonomy unit

By

NEW YORK— Autonomy, the British business software company now owned by Hewlett-Packard Co., is facing a Justice Department investigation over improper accounting under previous management, according to HP.

In a filing with the Securities and Exchange Commission late Thursday, HP said Justice officials had informed the company on Nov. 21 that they were opening an investigation into the allegations, which HP said in November that it had uncovered after a senior Autonomy executive came forward. HP also reiterated that it provided information to the SEC and the U.K. Serious Fraud Office related to “accounting improprieties, disclosure failures and misrepresentations at Autonomy.”

Justice officials had no comment.

HP, which acquired Autonomy for $10 billion in 2011, took an $8.8 billion charge to reflect that the U.K. company isn’t worth what it paid. HP says about $5 billion of that charge stemmed from improper accounting.

Autonomy founder and former CEO Mike Lynch has said the allegations are false. He responded in a statement Thursday that HP had yet to provide a detailed calculation of that $5 billion or provide any explanation of the allegations. The statement was posted online at Forbes magazine’s website.

The Autonomy mess has deepened a steep decline in HP’s stock price, which has cut the Palo Alto, California, company’s market value by nearly half this year. HP had already been struggling because its personal computer and printer businesses have been faltering as more people buy smartphones and tablet computers.

HP’s stock fell 28 cents, or 2 percent, to $13.76 in morning trading Friday.


Follow us on Facebook Follow on Twitter Follow on Twitter




Recent Stories:

Aquino to lead Air Force turnover rites 1 min elapsed Security in place for Obama as police hope for ‘peaceful’ visit 51 mins elapsed Paul McCartney to play at Candlestick concert 1 hour elapsed Cloud strength helps Microsoft earnings top Street 1 hour elapsed ‘Recovered’ Banksy works on display ahead of sale 2 hours elapsed PAL hailed for ban on shark fin cargo 2 hours elapsed Retired SC justice Lorenzo Relova; 98 2 hours elapsed Ligots fight 2nd forfeiture case 2 hours elapsed
Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Autonomy , Hewlett Packard , Securities and Exchange Commission



Copyright © 2014,
.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement Advertisement
  1. Mark Caguioa lambasts Ginebra teammates on Twitter
  2. ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  3. No truth to viral no-visa ‘chronicles’
  4. Nokia to be named Microsoft Mobile
  5. Senator wants to probe PH slow Internet connection
  6. Bam Aquino becomes Master Splinter’s son after Wiki hack
  7. Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  8. New York police Twitter campaign backfires badly
  9. PH has slowest internet in Southeast Asia
  10. Did Deniece Cornejo lambast Vhong Navarro on social media?
  1. Mark Caguioa lambasts Ginebra teammates on Twitter
  2. PH has slowest internet in Southeast Asia
  3. Senator wants to probe PH slow Internet connection
  4. Enrile in Masters of the Universe, Lord of the Rings?
  5. Nokia to be named Microsoft Mobile
  6. Did Deniece Cornejo lambast Vhong Navarro on social media?
  7. Netizens seethe over Aquino’s ‘sacrifice’ message
  8. ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  9. Facebook rolls out ‘nearby friends’ feature
  10. Nasa’s moon-orbiting robot crashes down
  1. #RejectedBbPilipinas2014Questions flood Twitter
  2. Did Deniece Cornejo lambast Vhong Navarro on social media?
  3. Netizens fall in love with Crimea prosecutor Natalia Poklonskaya
  4. Mommy Dionisia Pacquiao scores, takes over social media
  5. Nude and so dangerous
  6. Mark Caguioa lambasts Ginebra teammates on Twitter
  7. Mommy Dionisia sings ‘Riking Bull,’sends netizens ablaze
  8. PH has slowest internet in Southeast Asia
  9. Russia tries to curb Crimean prosecutor’s Internet fame
  10. Memes flourish after Pacquiao victory

News

  • Aquino to lead Air Force turnover rites
  • Security in place for Obama as police hope for ‘peaceful’ visit
  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Advertisement
    Marketplace