Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/hpq) announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Hewlett-Packard Company (“Hewlett-Packard” or the “Company”) (NYSE:HPQ) common stock during the period between August 19, 2011 and November 20, 2012 (the “Class Period”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/hpq
The complaint alleges that during the Class Period, defendants concealed that the Company had gained control of Autonomy in 2011 based on financial statements that could not be relied upon because of serious accounting manipulation and improprieties. In addition, defendants concealed known negative business trends concerning the profit margins of the Company’s Enterprise Services business, formerly known as Electronic Data Systems Corporation (“EDS”), which Hewlett-Packard had acquired in August 2008 for $13.0 billion. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period, reaching a high of $29.89 per share on February 16, 2012.
On August 22, 2012, Hewlett-Packard issued a press release announcing a third quarter 2012 earnings per share loss of $4.49, largely as the result of an $8.0 billion charge for impairment of goodwill associated with the acquisition of EDS. On this news, the Company’s stock price dropped $1.56 per share to close at $17.64 per share on August 23, 2012. Then, on November 20, 2012, the Company disclosed it had taken an $8.8 billion charge related to its acquisition of Autonomy due to serious accounting improprieties. On this news, the Company’s stock price dropped $1.59 per share to close at $11.71 per share, a decline of 12%,