Autonomy Corp. Acquisition – Securities Litigation
Hewlett-Packard entered into a settlement agreement with PGGM Vermogensbeheer B.V., the lead plaintiff in a securities class action lawsuit arising from HP’s acquisition of British software company Autonomy Corporation Plc in 2011. In November 2012, HP announced it was forced to write-down goodwill and intangible assets related to the acquisition by $8.8 billion, nearly 80% of the purchase price, due to serious accounting improprieties, disclosure failures, and misrepresentations by Autonomy. The lawsuit alleged that HP and certain of its current and former officers and directors made a series of materially false statements and omissions in connection with and following the Autonomy acquisition regarding Autonomy’s accounting practices and valuation. Under the terms of the settlement, HP agreed to pay $100 million to a settlement fund that will be used to compensate those who purchased HP shares during the period from August 19, 2011 through November 20, 2012.
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Settlement Announcement
Autonomy Corp. Acquisition – Shareholder Derivative Litigation