Below is the first part of an article by DH Kass thevarguy.com. It reads…
Hewlett-Packard (HPQ) and chief executive Meg Whitman have been ordered by a California judge to defend a $1 billion class action lawsuit filed last May in a San Francisco district court by a group of investors over the bungled $11.2 billion Autonomyacquisition.
Dutch pension fund PGGM Vermogensbeheer is a lead claimant in the case, contending it lost $35 million on its HP investments.
The lawsuit, which claims HP and its top brass intentionally misled investors about the Autonomy purchase and the vendor’s ensuing $8.8 billion write-down, alleges that current and past executives brushed off bright red flags about Autonomy’s accounting records and failed to fully investigate the British software maker’s finances prior to pushing through the doomed deal.
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