Hewlett-Packard Recruits Ex-SEC Counsel Over Autonomy and 2 Other Dow Movers To Watch
Hewlett-Packard Co. (NYSE:HPQ): Current price $25.68
Hewlett-Packard hired a former Securities and Exchange Commission general counsel and questioned 25 people in an inside inquiry of alleged fraud at its Autonomy division, Bloomberg reports. The PC maker faces lawsuits brought by shareholders originating from its November 20 announcement that it was taking an $8.8 billion write down on the value of Autonomy, which acquired at $10.3 billion in 2011. Ralph Ferrara, a partner at Proskauer Rose LLP and ex-general counsel at the SEC, is leading in investigation by a three-member committee of independent directors looking into shareholder claims that Hewlett-Packard failed to heed warnings in regards to accounting irregularities and did not vet its finances before buying the software maker, according to filings made Tuesday in federal court in San Francisco and seen by Bloomberg.