Hewlett-Packard sued for ignoring accounting irregularities due to takeover autonomy

Sina Science and technology news Beijing time May 4 morning, HP shareholders in the San Francisco federal court in Friday sued Hewlett-Packard, said in the HP acquisition of Autonomy transactions, Hewlett-Packard ignored the autonomy accounting violations of the warning, in the acquisition before the autonomy of the financial situation to properly assess. Joseph Cotchett, a deputy attorney for HP's shareholders, said Joseph Cochet's board members had failed to complete technical due diligence, while HP's executives and advisers "falsely stated the facts to cover their negligence". The indictment said autonomy was involved in a number of "round-trip transactions". In such transactions, autonomy from the customer procurement, and other forms of revenue recognition, thereby beautifying the earnings. Hewlett-Packard said November 20 last year that it would make a 8.8 billion-dollar write-downs on the acquisition of autonomy, with more than $5 billion trillion in write-downs linked to autonomy accounting. Hewlett-Packard bought autonomy in 2011 at a price of $10.3 billion. Since then, HP has suffered numerous shareholder lawsuits. HP spokeswoman hasn't commented on the latest lawsuit. (D-Gold)