HP’s Autonomy Acquisition Cancelled by Judge



/ 3 years ago

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Shareholders of HP have been carrying out legal action for previously claiming that they acquired British based company Autonomy for $8.8bn when the figure was in fact $10.7bn. Outraged shareholders decided to lawyer up and come out with both fists swinging, to which HP agreed on a settlement.

The Register explained the settlement terms and process:

“That settlement would see shareholders drop their lawsuit in exchange for HP picking up their legal bills – with an upper limit of $48m – and exonerate past and current HP management in exchange for presenting a united front in a legal battle with Autonomy and their auditors in the UK.”

US District Judge Charles Breyer simply commented “That’s out” – which refers to the lawyers hired by HP getting their payments sorted, he claims it isn’t in the shareholders bests interests to do so as reported by Reuters.

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HP’s attorneys have now announced plans to not only sue the company, but also take on their auditors – Deloitte & Touche.

Sushovan Hussain, Autonomy’s chief financial officer, has been portrayed as the person to blame for this whole ordeal. Working with his attorney John Kekker to kill the settlement – Kekker was quoted saying “this is a joke” and “If it were a carcass, animals would walk around it, it stinks so much.”

All this has become quite the mess, hasn’t it?

Image courtesy of Motorsports News Wire

 


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