US Justice Department looks into HP’s Autonomy acquisition - collieradaughicell
Hewlett-Packard aforesaid in a legal filing last week that the U.S. Department of Do is investigation its $10.3 billion acquisition of enterprise research company Self-reliance, which HP alleges blown up its value through accounting tricks.
HP also said it has provided information to the U.K.'s Serious Fraud Office and the SEC related "to the accountancy improprieties, disclosure failures and misrepresentations at Self-reliance" prior to the acquisition, according to HP's 10-K filing with the U.S. Securities and Exchange Commission (S).
HP asked DOJ to investigate
The fellowship same last month it had shared out its allegations with those agencies, urging them to unrestricted civil and reprehensible investigations. The DOJ wise HP on November 21 of its investigation, the filing aforesaid.
HP disclosed an $8.8 million write-down in Nov, around $5 billion of which was attributed to accounting improprieties by Autonomy. The spell-down was for handicap of goodwill, a term covering intangible assets such as the economic value of a brand and good customer relations.
Self-sufficiency's founder, Mike Lynch, who left HP in May, has fiercely contested HP's claims. He published a stern rebuke on Friday.
"We continue to reject these allegations in the strongest possible terms," Lynch wrote. "Autonomys financial accounts were properly maintained in accordance of rights with relevant regulations, fully audited by Deloitte, and available to HP during the payable diligence process."
Lynch wrote that he and his Autonomy colleagues have non yet been contacted by regulators. "We will cooperate with any investigation and look forward to the opportunity to excuse our position," he wrote.
HP looked nigher into the Autonomy acquisition, completed in October 2011, after a senior member of its former management team up came onward following Lynch's departure.
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Source: https://www.pcworld.com/article/456215/us-justice-department-looks-into-hps-autonomy-acquisition.html
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