Menu
HP will pay $US100 million to settle Autonomy-related lawsuit

HP will pay $US100 million to settle Autonomy-related lawsuit

The action has 'no merit' HP maintains

The front sign outside HP's headquarters

The front sign outside HP's headquarters

The ongoing saga surrounding HP's ill-fated Autonomy acquisition continued on Tuesday with the company's announcement that it will pay $US100 million in a settlement agreement with PGGM Vermogensbeheer B.V.

Dutch PGGM Vermogensbeheer is the lead plaintiff in the securities class action arising from the impairment charge taken by HP following its acquisition of Autonomy.

HP acquired the British software maker in 2011 for $US11.7 billion. The following year, HP announced the $US8.8 million impairment charge as a result of what it called "accounting improprieties, misrepresentations and disclosure failures" in Autonomy's financial statements. HP shareholders filed suit that same year.

An investigation by the UK's Serious Fraud Office was dropped earlier this year, but HP went on nevertheless to sue Mike Lynch and Sushovan Hussain, Autonomy's former CEO and CFO, for roughly $US5 billion.

Regarding the current settlement, "HP believes the action has no merit," the company said, but "it is desirable and beneficial to HP and its shareholders to resolve settle the case as further litigation would be burdensome and protracted."

Under the terms of the settlement, HP's insurance will pay $US100 million to a settlement fund that will be used to compensate shareholders who purchased HP shares between August 19, 2011, and November 20, 2012.

No individual is contributing to the settlement, which remains subject to court approval, HP said.


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags business issuesHPAutonomylegal

Featured

Slideshows

Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Tech industry comes together as Lexel celebrates turning 30

Tech industry comes together as Lexel celebrates turning 30

Leading figures within the technology industry across New Zealand came together to celebrate 30 years of success for Lexel Systems, at a milestone birthday occasion at St Matthews in the City.​

Tech industry comes together as Lexel celebrates turning 30
HP re-imagines education through Auckland event launch

HP re-imagines education through Auckland event launch

HP New Zealand held an inaugural Evolve Education event at Aotea Centre in Auckland, welcoming over 70 principals, teachers and education experts to explore ways of shaping and enhancing learning using technology.

HP re-imagines education through Auckland event launch
Show Comments