We have evidence of Accounting Improprieties- Hewlett-Packard Company (NYSE:HPQ)

Hewlett-Packard Company (NYSE:HPQ) has initiated an intense internal investigation and has discovered Autonomy Inc, the company which it bought last year has lot of accounting improprieties.

After receiving the letter, Autonomy Inc Chief Executive Officer Mike Lynch called up Hewlett-Packard Company (NYSE:HPQ) to explain the matter but the board refused to listen, saying that things have gotten out of proportion and the matter is in the hands of authorities.

Hewlett-Packard Company (NYSE:HPQ) left everything in the legal process. It believes this, being the correct way to save its company’s stock and the shareholders’ interest.

Hewlett-Packard Company (NYSE:HPQ) said that we have enough evidence to prove that certain employees of Autonomy Inc were involved in inflating the numbers of the company to mislead investors and potential buyers.

Hewlett-Packard Company (NYSE:HPQ) said the matter is in the hands of the authorities, which includes the UK Serious Fraud Office, the US Securities and Exchange Commission’s Enforcement Division and the US Department of Justice.

Share price of the following:

Hewlett-Packard Company (NYSE:HPQ) closed at $12.36 USD down by 2.98%

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Published by Benjamin Roussey

Benjamin Roussey is from Sacramento, California. He has two master’s degrees and served four years in the U.S. Navy. His bachelor’s degree is from CSUS (1999) where he was on a baseball pitching scholarship. His second master’s degree is an MBA in Global Management from the University of Phoenix (2006). He has worked for small businesses, public agencies, and large corporations. He has lived in Korea and Saudi Arabia where he was an ESL instructor. Benjamin spends his time in between Northern California and Cabo San Lucas, Mexico, committing himself to his craft of freelance and website writing. http://www.facebook.com/ben.rouss