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HP Sues Ex-CEO Mark Hurd

This story has been updated with information from HP's lawsuit.

PALO ALTO, Calif. ( TheStreet) -- The Mark Hurd saga has taken yet another twist. Hewlett-Packard (HPQ - Get Report) is suing its former CEO, who has just been appointed Oracle (ORCL - Get Report) co-president.

The civil complaint for breach of contract and threatened misappropriation of trade secrets was filed in Santa Clara, Calif., earlier today.
HP is suing its former CEO Mark Hurd, who took a job at Oracle on Monday.

"HP ... believes and thereon alleges that Hurd has put HP's most valuable trade secrets and confidential information in peril," HP said in the suit. "In his new position, Hurd will be in a situation in which he cannot perform his duties for Oracle without necessarily using and disclosing HP's trade secrets and confidential information to others."

HP also published a statement in a blog post: "Mark Hurd agreed to and signed agreements designed to protect HP's trade secrets and confidential information. HP intends to enforce those agreements."

HP is also seeking an order requiring Hurd to provide the computer maker with further information concerning his Oracle role. This is "pursuant to his trade secret protection agreements with HP," said HP.

Hurd's recent departure from HP amid an expenses scandal sent shockwaves through the tech sector. The executive, who took the helm at HP following the departure of Carly Fiorina, is credited with turning the tech giant's fortunes around.

HP shares fell 44 cents, or 1.09%, to $39.90 on news of the lawsuit. Oracle's stock was up $1.30, or 5.67%, to $24.22.

--Written by James Rogers in New York.

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