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HP's Autonomy allegations trigger another inquiry
(Associated Press Via Acquire Media NewsEdge) PALO ALTO, California -- Hewlett-Packard says British authorities have opened an investigation into allegations that the company was duped when it bought business software maker Autonomy.
The inquiry disclosed in a Monday regulatory filing is the latest legal fallout from a deal that has saddled Hewlett-Packard Co. with massive losses and depressed its stock price.
HP alleges that Autonomy employees fabricated sales in a ruse that drove up the company's sale price. HP bought U.K.-based Autonomy for about $10 billion in 2011 and then last year wrote off $8.8 billion of that amount in a move that stunned Wall Street.
In its latest quarterly report, HP says that it was notified last month that the U.K. Serious Fraud Office opened an investigation into the Autonomy mess.
Autonomy founder Mike Lynch has denied HP's allegations.
(c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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