Click here to close now.

Welcome!

@BigDataExpo Authors: Liz McMillan, Ian Khan, Dinko Eror, Pat Romanski, Elizabeth White

News Feed Item

Law Offices of Jon C. Furgison Files Notice of Shareholder Class Action Against Hewlett-Packard Co., Alleging Securities Fraud Related to HP 2011 Acquisition of Autonomy And Public Statements Regarding Its Integrity Servers

HERMOSA BEACH, Calif., Jan. 18, 2013 /PRNewswire/ -- The Law Offices of Jon C. Furgison today announced a shareholder class action filing against Hewlett-Packard Company alleging securities fraud in connection with the company's 2011 acquisition of Autonomy Corporation, plc.

The lawsuit, filed in U.S. District Court for the Northern District of California, and entitled Neumann v. Hewlett-Packard Company, et al., was brought on behalf of purchasers of HP common stock (NYSE: HPQ) during the period between February 20, 2008 and November 20, 2012. Motions for lead plaintiff for this action are due in Court no later than January 25, 2013.

Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Should members of the putative class have questions concerning their rights and interests, they may contact plaintiff's counsel at (310) 356-6890.

On August 18, 2011, HP announced that it had agreed to purchase Autonomy, a British company that supplies software that analyzes unstructured data, such as emails, online videos and web-surfing, for patterns. HP paid approximately $11.1 billion to acquire Autonomy. At the time of the purchase, Hewlett-Packard insiders touted the deal's potential for substantial synergistic effects that would prove profitable for the company. According to the complaint, HP and its insiders continued to make public statements about the benefits of the Autonomy purchase throughout 2012.

According to the complaint, HP knew at the time it made its statements that it had vastly overpaid for Autonomy and that the purported synergistic benefits would never materialize. As widely reported, the company was forced to take an $8.8 billion write down related to its acquisition of Autonomy, which it announced on November 20, 2012.

The complaint also alleges a fraudulent scheme by Hewlett-Packard and certain insiders from at least February 20, 2008 until the present, concerning one of its most profitable products, its proprietary Integrity servers. These servers are sold primarily to HP's largest corporate customers and typically carry high profit margin service contracts – in some years the Integrity servers have accounted for as much as 15% of profits.

According to the complaint, beginning in early 2008, HP learned that the Integrity servers were facing obsolescence. The servers run on the Itanium chip, manufactured by Intel Corporation. The complaint notes that without the Itanium chip, HP could not sell the Integrity servers, and its high-profit service agreements would be wiped out. At some point prior to February 2008, Intel told HP that it wished to stop making the Itanium chips, because they were no longer profitable for Intel. According to the complaint, HP, facing massive losses in profits, secretly agreed to pay Intel millions of dollars – just so that it would agree to continue to make the Itanium chips. These payments served no purpose other than to convince Intel to continue to make the chips and the agreement was a closely-guarded secret of the Company, the complaint alleges. At the same time it knew its Integrity servers were facing obsolescence, HP continued making statements, which the Complaint alleges to be false, regarding the long-term viability of those servers.

Shareholders allege that the frauds associated with the Autonomy acquisition and the Integrity servers have had a severe effect on HP's stock. From February 20, 2008 until November 20, 2012, when the public finally knew the truth about the two events, HP's market capitalization declined from $117 billion to $23 billion, a loss of $94 billion. It had traded as high as $54.52 at one point during the class period, and it closed at $11.71 on November 20, 2012.

Plaintiff Paul Neumann seeks to recover damages on behalf of all purchasers of HP common stock during the Class Period.

Contact: Jon C. Furgison
Law offices of Jon C. Furgison
310-356-6890 [email protected]

SOURCE Law Office of Jon C. Furgison

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@BigDataExpo Stories
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
In his session at 16th Cloud Expo, Simone Brunozzi, VP and Chief Technologist of Cloud Services at VMware, reviewed the changes that the cloud computing industry has gone through over the last five years and shared insights into what the next five will bring. He also chronicled the challenges enterprise companies are facing as they move to the public cloud. He delved into the "Hybrid Cloud" space and explained why every CIO should consider ‘hybrid cloud' as part of their future strategy to achie...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
"A lot of the enterprises that have been using our systems for many years are reaching out to the cloud - the public cloud, the private cloud and hybrid," stated Reuven Harrison, CTO and Co-Founder of Tufin, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...