Hewlett-Packard, CEO Whitman ordered to defend securities class action
Below is the first part of an article by Casey Sullivan from reuters.com. It reads…
(Reuters) – A California federal judge has ordered Hewlett-Packard Co and Chief Executive Meg Whitman to defend a securities shareholder class action that claims they knew statements about HP’s acquisition of software company Autonomy were misleading.
At the heart of the lawsuit are claims that HP, its executives and directors made misleading statements about the acquisition of the British company, bought in 2011 for $11.1 billion, and the subsequent write-down of roughly $9 billion of HP’s assets.
Senior District Judge Charles Breyer issued his ruling in San Francisco federal court on Tuesday. The ruling also dismissed claims against five other former directors and executives of the information technology supplier, including one-time CEO Leo Apotheker.
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