HP says acquired company lied about finances
NEW YORK – Hewlett-Packard Co. said that a British company it bought for $9.7 billion last year lied about its finances, resulting in a massive write-down of the value of the business.
CEO Meg Whitman avoided calling it a fraud, but said Tuesday that there were "serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation PLC."
HP is taking an $8.8 billion charge in its latest quarter largely to align the accounting value of Autonomy with its real value.
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