Update (4:15 p.m.): Updated with one-year high price and Tuesday market close information.
NEW YORK (TheStreet) -- Hewlett-Packard (HPQ) hit a one-year high of $33.45 at the close of trading on Tuesday after the company agreed to pay $57 million to settle a lawsuit that accused HP of defrauding shareholders when it allegedly abandoned a business plan it had promoted.
Former CEO Leo Apotheker said on Aug. 18, 2011 that the company would refocus on business services and products and would also scrap WebOS, which HP had acquired the rights to when the company bought Palm in 2010. Apotheker also announced the company would pay $11.1 billion for British software company Autonomy and said HP could possible spin off its personal computer business. Finally, the company stopped sales of the TouchPad after just seven weeks on the market.
The plaintiffs filed the lawsuit shortly thereafter.
Furthermore, HP CEO Meg Whitman announced at the shareholders' meeting on March 20 that the company would enter the 3-D printing business by the end of the fiscal year. Independent research company Canalys said this market could grow 500% in the next five years and could hit $16.2 billion by 2018, according to CNBC.
Nearly 14 million shares changed hands, slightly more than the average volume of 13,144,100.
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TheStreet Ratings team rates HEWLETT-PACKARD CO as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation: