SEC Looking Into Hurd's Exit From HP
NEW YORK (
) -- The
Securities and Exchange Commission
is reportedly investigating the circumstances of Mark Hurd leaving CEO post at
Hewlett-Packard
(HPQ) - Get Report
.
The
Wall Street Journal
, citing people familiar with the situation, said the regulator has embarked on a "broad inquiry," including the possibility that Hurd improperly shared inside information about HP's plans to acquire
Electronic Data Systems
. The
says the SEC is looking at whether Hurd passed on information about the EDS deal -- a $13.9 billion acquisition first disclosed in May 2008 -- to an HP contractor.
The
Journal
also says the SEC is probing the possibility that Hurd submitted "inaccurate expense reports" while at HP and that he may "destroyed computer evidence" related to his leaving the company this summer.
HP announced Hurd's
surprise resignation on Aug. 6
, saying the decision was related to an investigation of sexual harassment. The company
eventually named Leo Apotheker
to succeed Hurd. Apotheker, a former CEO of German software maker
SAP
, took over the post on Nov. 1.
Hurd is
currently a president and director
at
Oracle
(ORCL) - Get Report
, posts he assumed on Sept. 6.
The
Journal
added that it was possible that the SEC would "never bring a case" against either Hurd or HP. The article also quoted a spokesperson for Hurd as saying: "Mark acted properly in all respects," as well as an HP company spokesperson who said the company is cooperating with the probe.
HP shares closed Monday at $41.89, down 7 cents. Year-to-date, the stock is down about 18.5%. On Aug. 5, just prior to the announcement of Hurd's resignation, the shares closed at $46.35, and the 52-week low of $37.32 followed later that month.
--
Written by Michael Baron in New York.
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.
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