HP will pay $ 100 million in damages after “disastrous” acquisition




HP will pay $ one hundred million compensation to shareholders, led by pension fund administrator PGGM. The reason is the “disastrous takeover ‘of the British Autonomy, a few years back.

PGGM had filed a so-called class action lawsuit against the US technology company and was appointed by a Californian court as lead plaintiff. The Dutch organization started the lawsuit after HP deliberately misleading statements’ issued on the acquisition of Autonomy. Thus, negative reports about the finances are withheld.

Software provider Autonomy in 2011 for more than $ 10 billion acquisition by HP. Former HP board members, however, would have a rosy picture about the value of the company dished. HP wrote off $ 8.8 billion ultimately result in the acquisition, that the real value of Autonomy at about $ 1.2 billion came out.

According PGGM became shareholders after the takeover faces substantial price losses when the light came that there was possibly tampered with the accounts of Autonomy. The compensation is HP what the pension administration concerned meet the victims. PGGM has approximately 686,000 members.

In: Technology & Gadgets Asked By: [18798 Red Star Level]

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