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Hewlett-Packard to sue former Autonomy CFO

04
Aug
2014

(Reuters) – Hewlett-Packard Co said it would sue former Autonomy Chief Financial Officer Sushovan Hussain after he sought to block HPs settlement of three shareholder lawsuits over its troubled purchase of the British software company. In the settlement, reached on June 30, shareholders had agreed to end efforts to force current and former HP officials, including Chief Executive Officer Meg Whitman, to pay damages to the Palo Alto, California-based company over its Autonomy purchase. Instead, the shareholders agreed to help HP pursue claims against former Autonomy officials such as Hussain and former CEO Michael Lynch, who have denied wrongdoing. Last month, Hussain said in a court filing that the collusive and unfair settlement, if approved by a federal judge, would let HP forever bury from disclosure the real reason for its 2012 write-down of Autonomy: HPs own destruction of Autonomys success after the acquisition. HP, which bought Autonomy for in 2011 for $11.1 billion only to write down its value by $8.8 billion a year later, has accused Autonomy officials of accounting fraud.

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