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

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. Retailers that won’t open on Thanksgiving hope move pays off
  2. Federal agency checking whether Highmark has enough doctors in Medicare plan
  3. Lower gasoline prices fail to spur consumer spending
  4. Small businesses’ dilemma: Keep costly health care coverage or lose talented workers
  5. 153-year-old Venango well pumps out oil, history
  6. Westinghouse to construct colossal nuke plant in Turkey
  7. Household debt on the rise after 5-year decline
  8. Oil prices continue descent, dragging market indexes lower
  9. Google applies tech to medical device
Subscribe today! Click here for our subscription offers.