TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

HP says government investigating troubled Autonomy unit

HPQ $13.68 -$0.36

at close on FRIDAY

By The Associated Press
Saturday, Dec. 29, 2012, 12:01 a.m.
 

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

Most-Read Business Headlines

  1. EDMC reaches debt-restructuring deal with creditors
  2. Customers anxious for details about Highmark transition plan for Western Pennsylvania
  3. 2 top technology officers leave UPMC
  4. S&P 500 holds steady at 2,000 level
  5. Time Warner outage cuts Internet access for 11M subscribers
  6. DQE Communication inks data deal with Iron Mountain
  7. Economic indicator rises 0.9% in July
  8. Banks Gas Services finds success in jobs outside shale industry
  9. PPG research helps vehicle, plane makers cut pounds from products
  10. Hewlett-Packard recalls power cords
  11. Highmark denies premiums in federal insurance marketplaces affected by level of competition
Subscribe today! Click here for our subscription offers.