HP to Settle Derivative Litigation Arising from Autonomy Acquisition
01 Juli 2014 - 2:06AM
Marketwired
HP to Settle Derivative Litigation Arising from Autonomy
Acquisition
PALO ALTO, CA--(Marketwired - Jun 30, 2014) - HP (NYSE: HPQ),
Cotchett, Pitre & McCarthy, LLP, and Robbins Geller Rudman
& Dowd LLP today announced they have reached an agreement to
settle shareholder derivative litigation arising from the
acquisition of Autonomy. The settlement is subject to court
approval.
Following HP's announcement in November 2012 that Autonomy had
engaged in accounting improprieties, misrepresentations and
disclosure failures before HP acquired the company, lawsuits were
filed against current and past HP directors, officers and
advisors.
HP's board appointed an independent committee of directors to
evaluate the claims asserted in the derivative suits and related
demand letters, including claims that HP could assert against
Michael Lynch, Autonomy's former chief executive officer; and
Shushovan Hussain, Autonomy's former chief financial officer. Based
on the committee's recommendations, the HP board concluded HP had
claims against Lynch and Hussain, among others. The board also
cleared HP's present and former directors and officers (other than
Lynch) of any wrongdoing.
HP met with lawyers for the shareholders in a mediation
conducted by retired U.S. District Judge Vaughn R. Walker. The
settlement announced today is a result of that mediation.
Under the terms of the settlement, HP and the lawyers for the
plaintiffs in three suits have agreed:
- Plaintiffs and their counsel at Cotchett, Pitre & McCarthy,
LLP, and Robbins Geller Rudman & Dowd LLP will assist HP in
bringing claims against Lynch, Hussain and potentially others.
- All claims against current and former directors, officers and
advisors of HP (other than legacy Autonomy officials and Autonomy's
advisors) related to or arising out of the Autonomy acquisition
will be dismissed.
- HP is in the process of adopting enhancements to policies and
procedures in evaluating potential mergers and acquisitions that
were developed with the assistance of plaintiffs and their
lawyers.
The three lawsuits are In re Hewlett-Packard Company
Shareholder Derivative Litigation, Case No. C-12-6003-CRB,
which is pending in the U.S. District Court for the Northern
District of California, as well as Gould v. Whitman, et
al., Case No. 1:13-cv-250220 and Noel v. Whitman, et
al., Case No. 1:13-cv-251346, both of which are pending in
California Superior Court for Santa Clara County.
About HP HP creates new possibilities for technology to have a
meaningful impact on people, businesses, governments and society.
With the broadest technology portfolio spanning printing, personal
systems, software, services and IT infrastructure, HP delivers
solutions for customers' most complex challenges in every region of
the world. More information about HP is available at
http://www.hp.com.
© 2014 Hewlett-Packard Development Company, L.P. The information
contained herein is subject to change without notice. HP shall not
be liable for technical or editorial errors or omissions contained
herein.
HP (NYSE:HPQ)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
HP (NYSE:HPQ)
Historical Stock Chart
Von Jul 2023 bis Jul 2024