TribLIVE

| Business


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

HP says government investigating troubled Autonomy unit

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

HPQ $13.68 -$0.36

at close on FRIDAY

Daily Photo Galleries

Business Photo Galleries

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. Small retailers at intersection of social networks, foot traffic
  2. Woman on dating site looks too good to be true: How to vet that pic
  3. 153-year-old Venango well pumps out oil, history
  4. Test-tube tuna may be sea change
  5. In ‘StockCity,’ real investing like game
  6. Business Council for Peace program works to export profits, peace
  7. Iron ore price decline hurts U.S. Steel’s cost advantage over rivals
  8. Pennsylvania unemployment rate drops to six-year low
  9. New York Fed chief defends supervision of banks before Senate panel
  10. Stock market logs 5th straight week of gains as Dow hits record high
  11. U.S. Steel reorganizes operating units
Subscribe today! Click here for our subscription offers.