HP stockholder sues company
SAN FRANCISCO — Hewlett-Packard now has a legal headache to compound its misery as the company tries to recover from setbacks that have hammered its stock price and raised doubts about its future. An HP stockholder who owns 200 shares is suing the company in a complaint that alleges management concealed problems in two key acquisitions that have turned into financial albatrosses. The lawsuit filed Monday in a San Francisco federal court comes after Hewlett-Packard Co. stunned Wall Street last week with its own allegations of accounting shenanigans at Autonomy, a business software maker acquired for $10 billion last year. HP referred its findings about the alleged fraud to securities regulators in the United States and the United Kingdom, where Autonomy was based before the acquisition. Other shareholder lawsuits are likely as investors try to recover some of the wealth that has evaporated since HP replaced Mark Hurd as its CEO in August 2010.
From Staff and Wire Reports