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HP mulls legal action on Autonomy fraud claims, needs more time

20
Jan
2014

Hewlett-Packard Co said on Friday it has made decisions on how to address shareholders securities fraud claims over its $8.8 billion writedown for its purchase of British software company Autonomy Plc, but wants six more weeks to decide what legal course to pursue. U.S. District Judge Charles Breyer in San Francisco had on September 6 given Hewlett-Packard until Friday to vote on recommendations by a committee of independent directors. In a Friday court filing, Hewlett-Packard said its board has reviewed the recommendations and made decisions with respect to the actions that it deems to be in the best interests of the company and its shareholders. It nonetheless said it has agreed with the plaintiffs lawyers to keep the lawsuit on hold until February 28, and discuss the boards recommendations with them between February 18 and 20. Joseph Cotchett, a lawyer representing shareholders, was not immediately available for comment.

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