HP says government investigating troubled Autonomy unit
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, HP said Justice officials 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 bought 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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Cheap oil can hurt economy
- Electric versions of Asian rickshaw paves their way into U.S. market
- Wal-Mart presses meat, egg suppliers on antibiotics, animal treatment
- Shareholder vote causes ATI to review executive pay packages
- Look for 1st rate hike this year, Yellen says
- Murray, Alpha notify West Virginia coal miners of layoffs
- Low price sparks sales run
- Developer hopes to make Allegheny Center a tech hub
- Consumer prices rose in April for 3rd straight month
- 5 battles the ’16 Camaro needs to win
- Truck ducts keep blowing out hot air