The UK’s Serious Fraud Office (SFO) is investigating the HP Autonomy takeover, according to a filing made with the US Security and Exchange Commission (SEC).
The SFO has confirmed that it is investigating, but warned that the opening of criminal proceedings does not necessarily mean that there has been any wrongdoing.
HP announced an $8.8 billion (£5.3 billion writedown on the value of Autonomy in November, having accused Autonomy’s senior management team of improper accounting practices designed to inflate the price it paid for the Cambridge-based developer, which it acquired for $10.3 billion (£6.7bn) in 2011.
The issue of the Autonomy takeover is likely to be brought up at HP’s annual general meeting in California later this week. Two shareholder advisory groups, Institutional Shareholder Services and Glass Lewis, have called for investors to vote against the re-election of HP Chairman Ray Lane and two of the longest serving directors, Marc Andreesen and Rajiv Gupta as a result of the acquisition.
However Gupta has sent a letter to shareholders warning that losing directors so suddenly could destabilise the company. He said that HP needed consistency of leadership and that voting against certain members of the board was not in the best interests of stockholders.
Do you remember HP’s glory days? Try our quiz!
German foreign minister warns Russia will face consequences for “absolutely intolerable” cyberattack on ruling party,…
Google is reportedly laying off at least 200 staff from its “Core” organisation, including key…
Investor appeasement? Apple unveils huge $110 billion share buyback program, as sales of iPhone decline…
Tesla retreats from pioneering gigacasting manufacturing process, amid cost cutting and challenges at EV giant
No skynet please. After the US, UK and France pledge human only control of nuclear…
Microsoft's AI investments continue in south east Asia, after investments in Japan, Malaysia, Indonesia, as…