Claims against HP executives will be dropped. The plaintiffs agree to assist HP in bringing claims against Lynch and Hussain, and HP agrees to beef up its due-diligence process for evaluating acquisitions. June 2014: HP agrees to settle shareholder lawsuits. HP alleges that the misrepresentations included selling low-end hardware at a loss and recording the transactions-said to account for up to 15% of Autonomy’s total revenue-as licenses for Autonomy’s IDOL software.ĭecember 2012: HP says it is cooperating with the Department of Justice, the Securities and Exchange Commission and the UK’s Serious Fraud Office in an investigation relating to Autonomy.įebruary 2014: HP Autonomy breaks IDOL into discrete services. November 2012: HP takes an $8.8 billion impairment charge, linking more than $5 billion of it to serious accounting improprieties, misrepresentation, and disclosure failures at Autonomy discovered by an internal investigation by HP and forensic review of Autonomy’s accounting practices prior to its acquisition. Lynch is among them, for “failure to meet agreed performance goals, including financial metrics.” Meanwhile, Whitman announces the lay-off of 27,000 HP workers to cut costs. Whitman hires PricewaterhouseCoopers to investigate. May 2012: A senior member of HP’s Autonomy unit raises concerns about Autonomy’s accounting practices. October 2011: HP buys 87.34% of Autonomy for £5.44 billion, valuing the company at $10.3 billion at 2011 exchange rates-although later reports will put the price as high as £8.7 billion or $11.7 billion. September 2011: HP fires Apotheker, naming Meg Whitman CEO. Lynch’s lawyers will later claim that HP executives spent just six hours in conference calls with his team.Īugust 2011: HP agrees to acquire Autonomy for $42.11 per share, a premium of around 60% over the market price. July 2011: Apotheker and Lynch reach a deal to sell Autonomy to HP, and HP begins its due-diligence examination of Autonomy’s finances. May 2011: Autonomy sneaks in one last acquisition, of online backup service Iron Mountain Digital, for $380 million.
#Class actio lawsuit hewlett packard software
March 2010: Apotheker says he wants to transform HP from a hardware producer to a software and services provider.
September 2010: Ex-SAP CEO Léo Apotheker is named CEO of HP.
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