NEW YORK, Nov. 28, 2012 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Hewlett-Packard Company ("HP" or the "Company") (NYSE: HPQ) common stock between August 19, 2011 and November 20, 2012, inclusive (the "Class Period"), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On November 20, 2012, Shares of HP fell $1.59 or 12% to close at $11.71 per share hitting a 10-year low after the Company revealed while disclosing its quarterly earnings that it was misled into substantially overvaluing Autonomy when it acquired the software firm last year. As a result, the Company announced a non-cash impairment charge of $8.8 billion, of which the Company says that "more than $5 billion is linked to serious accounting improprieties, misrepresentation and disclosure failures discovered by an internal investigation by HP and forensic review into Autonomy's accounting practices prior to its acquisition by HP." According to HP, the investigation was triggered by a whistleblower, a senior member of Autonomy's leadership team, who came forward, following the departure of Autonomy founder Mike Lynch, alleging that there had been a series of questionable accounting and business practices at Autonomy prior to the acquisition by HP." Lynch had joined HP following the acquisition, where he was leading Autonomy as a separate business unit and reporting to CEO Meg Whitman. He then left the company in May 2012 following a very disappointing license revenue quarter for Autonomy. By that time, most of Autonomy's pre-acquisition senior management team had already left HP.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. January 25, 2013, is the deadline for investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.
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