London, England, United Kingdom (4E) – The UK Serious Fraud Office (SFO) has launched a probe on the sale of technology company Autonomy to Hewlett-Packard, according to the PC giant’s filing.
The Palo Alto, Ca.-based HP was informed by the SFO of the investigation on Feb. 6. The move follows a similar investigation by the the U.S. Justice Department on the British firm, according to HP’s filing to the U.S. Securities and Exchange Commission .
HP, which bought Autonomy in 2011 for $ 10bn, accused the firm last year of misleading them about its actual financial health, resulting to a $ 5bn writedown of Autonomy’s value.
Hewlett-Packard claimed that Autonomy managers misrepresented results before they sold the company.
SFO spokesman David Jones has confirmed the agency’s investigation into Autonomy’s accounts after a file of evidence was provided to them by HP in November. Jones added that an official probe was launched last month but he declined to name the individuals being investigated.
The U.S. Department of Justice began looking into HP’s claims last year after the allegations were made. HP, including executives and Autonomy managers, have received a least a dozen lawsuits from investors saying that shareholders were misled about the deal.
The case will likely be discussed in HP’s annual general meeting in California later in the week.
Category: Computing And Information Technology
There are no comments yet. Why not be the first to speak your mind.