HP settles shareholder lawsuits over Autonomy | AccountingWEB

HP settles shareholder lawsuits over Autonomy

Hewlett Packard (HP) has settled litigation with its shareholders over its acquisition of British software company Autonomy.

However, HP and its shareholders last week said they will still pursue legal action against Autonomy's former chief executive Michael Lynch, Shushovan Hussain, Autonomy’s former chief financial officer, and possibly others.

HP was facing three lawsuits from its shareholders over the Autonomy acquisition.

HP has claimed that the alleged accounting irregularities at Autonomy forced it to take an US$8.8bn write-off in 2012, a year after buying Autonomy.

Michael Lynch continues to deny wrongdoing, his spokesman told the Telegraph newspaper.

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