|
Post by onoudidint on Nov 21, 2012 9:19:14 GMT -5
THOSE GUYS AT HP ARE CRAZY!
The Morning Brief: H-P Says It Was Duped, Takes $8.8 Billion Charge
H-P Says It Was Duped in Deal Hewlett-Packard Co. said on Tuesday it had been duped into overpaying for one of its largest acquisitions, contributing to an $8.8 billion write-down and a huge quarterly loss.
The technology giant said that an internal investigation had revealed "serious accounting improprieties" and "outright misrepresentations" in connection with U.K. software maker Autonomy, which H-P acquired for $11.1 billion in October 2011.
"There appears to have been a willful sustained effort" to inflate Autonomy's revenue and profitability, said Chief Executive Meg Whitman. "This was designed to be hidden."
|
|