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Justice Department Opens Inquiry Into HP Unit

Autonomy's bookkeeping under investigation

By the Associated Press

Posted Dec 28, 2012 3:35 PM CST

(AP) – Hewlett-Packard says the Justice Department is investigating HP's business software unit Autonomy, which the computer maker has accused of fudging its accounting. HP revealed the investigation in an SEC filing yesterday. The technology company also said it provided information to the UK Serious Fraud Office and the SEC about accounting improprieties, disclosure failures, and misrepresentations at Autonomy that occurred before and in connection with its acquisition of the company. Autonomy founder Mike Lynch has denied those claims.

A Hewlett-Packard keyboard.
A Hewlett-Packard keyboard.   (AP Photo/Paul Sakuma)
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COMMENTS
Showing 3 of 9 comments
Rembrandt_Q_Einstein
Dec 29, 2012 2:50 PM CST
Remember, this is what they dumped WebOS for. Yet another stellar move by HP.
kthyregod
Dec 29, 2012 12:26 PM CST
..., hp will never become a software company; can't build, can't buy and can't partner ...
pg13
Dec 29, 2012 12:22 PM CST
Do not trust anybody in this story.  The Justice Department will do nothing but a slap on the wrist. HP has their excuse for losses.    Autonomy will be a scapegoat and will throw an executive or two under the bus. The winners?    HP and the auditors who didn't notice Autonomy was fudging the books.   Deloitte was the auditor.    Why does Deloitte win?   Because whatever fine they pay will be NOTHING compared to the consulting fees they get by providing HP consulting services.    Those consulting services?   Bullshit and signoffs on other purchases where shareholders get scammed. This is Enron all over again.   Arthur Andersen was the "auditor" and the "consultant", and this time it's Deloitte. The losers?    Your 401(k). Pay attention.  Wall Street is screwing over the shareholders again.   The auditors are crooks. Meanwhile, Tea Party worries about Obamacare.   Idiots.

Copyright 2013 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

 
Department of Justice • investigation • Hewlett-Packard • Securities and Exchange Commission • Autonomy Corp.

 
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