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[December 29, 2012]
HP says gov't investigating troubled Autonomy unit [Saudi Press Agency (Saudi Arabia)]
(Saudi Press Agency (Saudi Arabia) Via Acquire Media NewsEdge) NEW YORK, Safar 15, 1434, Dec 28, 2012, SPA -- Hewlett-Packard says the Justice Department is investigating the business software unit Autonomy after the computer maker said the business engaged in improper accounting before HP bought it, AP reported.
In a filing with the Securities and Exchange Commission late Thursday, HP said Justice officials had informed the company on Nov. 21 that they were opening an investigation. HP also said that it provided information to the SEC and the U.K. Serious Fraud Office related to "accounting improprieties, disclosure failures and misrepresentations at Autonomy." Hewlett-Packard Co., which acquired Autonomy for $10 billion in 2011, took an $8.8 billion charge to reflect that the U.K. company isn't worth what it paid. HP says about $5 billion of that charge stemmed from improper accounting.
-- SPA 19:59 LOCAL TIME 16:59 GMT All Rights Reversed for Saudi Press Agency Provided by Syndigate.info an Albawaba.com company (c) 2012 All rights reserved. Albawaba.com
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