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. Manufacturing cranks up production pace
  2. Regulators release details of Highmark’s post-UPMC transition plan
  3. More pipelines proposed to carry Marcellus gas to southeast markets
  4. Government approves compromise on Corbett’s alternative Medicaid plan
  5. Visual search  still hampered  by image issues
  6. Highmark denies premiums in federal insurance marketplaces affected by level of competition
  7. EDMC to cut costs, roll out new grant
  8. Ukraine conflict, disappointing earnings reports weigh on stocks
  9. Compelling cases exist for cashing out, staying in as stock market soars
  10. U-PARC houses companies ranging from innovative to traditional
  11. 2 top technology officers leave UPMC
Subscribe today! Click here for our subscription offers.