NEW YORK, Nov. 27, 2012 /PRNewswire/ -- Morgan & Morgan announces an investigation into whether the officers and directors of Hewlett Packard Co. breached their fiduciary duties to the shareholders in connection with Hewlett Packard's acquisition of Autonomy Corp. PLC ("Autonomy"). No decision to file a lawsuit has been made. If you are a current shareholder of Hewlett Packard and are interested in learning more about our Hewlett Packard (HPQ) shareholder lawsuit investigation, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at email@example.com.
On November 20, 2012, Hewlett Packard announced it would take an $8.8 billion write down on its August 2011 acquisition of Autonomy, a British software firm. On this news, HP's stock price fell $1.59 per share (12%) to close at $11.71 — its lowest price in over ten years. HPQ's CEO Meg Whitman explained that this write down was largely caused by Autonomy's intentional manipulation of its financial metrics before the acquisition, an accusation rejected by Autonomy's former CEO. Further, published reports question whether HPQ's Board of Directors is trying to portray itself as a victim of fraud to deflect criticism of its own failure to perform proper due diligence before agreeing to purchase Autonomy. A Boston University finance professor and former bank examiner for the Federal Reserve called HPQ's accusations against Autonomy "due diligence deflection... [j]ust to say 'we paid too much because of fraud' doesn't negate the fact of inadequate due diligence. Some responsibility needs to come back to HP."
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