HP confirms DOJ investigation into Autonomy acquisition
HP said in a regulatory filing with the SEC that it has provided information to U.S. and U.K. authorities
IDG News Service - HP said in a legal filing Thursday that the U.S. Department of Justice is investigating its $10.3 billion acquisition of enterprise search company Autonomy, which HP alleges inflated its value through accounting tricks.
HP also said it has provided information to the U.K.'s Serious Fraud Office and the SEC related "to the accounting improprieties, disclosure failures and misrepresentations at Autonomy" prior to the acquisition, according to HP's 10-K filing with the U.S. Securities and Exchange Commission (SEC).
The company said last month it had shared its allegations with those agencies, urging them to open civil and criminal investigations. The DOJ advised HP on Nov. 21 of its investigation, the filing said.
HP disclosed an $8.8 billion write-down in November, around $5 billion of which was attributed to accounting improprieties by Autonomy. The write-down was for impairment of goodwill, a term covering intangible assets such as the value of a brand and good customer relations.
Autonomy's founder, Mike Lynch, who left the HP in May, has fiercely contested HP's claims. He published a stern rebuke on Friday.
"We continue to reject these allegations in the strongest possible terms," Lynch wrote. "Autonomys financial accounts were properly maintained in accordance with applicable regulations, fully audited by Deloitte, and available to HP during the due diligence process."
Lynch wrote that he and his Autonomy colleagues have not yet been contacted by regulators. "We will cooperate with any investigation and look forward to the opportunity to explain our position," he wrote.
HP looked closer into the Autonomy acquisition, completed in October 2011, after a senior member of its former management team came forward following Lynch's departure.
Send news tips and comments to email@example.com. Follow me on Twitter: @jeremy_kirk
- Silicon Valley's 19 Coolest Places to Work
- Is Windows 8 Development Worth the Trouble?
- 8 Books Every IT Leader Should Read This Year
- 10 Hot Hadoop Startups to Watch
- Slideshow: 7 security mistakes people make with their mobile device
- iOS vs. Android: Which is more secure?
- 11 sure signs you've been hacked
This state transportation department uses computer science students from a local university as programming interns, and everyone is happy with the arrangement -- until one intern learns how to bring down the mainframe.
- IT Certification Study Tips
- Register for this Computerworld Insider Study Tip guide and gain access to hundreds of premium content articles, cheat sheets, product reviews and more.
- Changing the Way Government Works: Four Technology Trends that Drive Down Costs and Increase Productivity
- This paper discusses four technology-based approaches to improving processes and increasing
productivity while driving down department and agency costs.
- Logicalis eBook: SAP HANA: The Need for Speed
- Without timely business insights, organizations today can suffer logistical, manufacturing, and even financial disaster in a matter of minutes
- Neustar 2014 DDoS Attacks and Impact Report
- For the third consecutive year, Neustar surveyed hundreds of companies on distributed denial of service (DDoS) attacks. The survey reveals evidence that the...
- Acxiom Case Study
- This case study, which focuses on Acxiom, explores how the company was able to secure employee data, reduce migration costs and boost productivity...
- Windows® XP Migration: Protect and Secure Critical Data
- With the end of the Microsoft Windows XP operating system's lifecycle on April 8, 2014, businesses are faced with the decision to migrate... All Government IT White Papers
- Top 4 Digital Signage Fails Join RMG Networks for a look at four of the most common reasons digital signage fails in corporate businesses. Learn about strategies to...
- Building Tomorrow's Infrastructure Listen to this podcast to discover how Crider Foods worked with PC Connection to update their IT infrastructure, while maintaining compliance and control.
Enhance Your Virtualization Infrastructure With IBM and Vmware
Date: Wednesday, May 14, 2014, 1:00 PM EDT
Virtualization technology is now expanding beyond the server compute elements to encompass networking and storage...
Transforming Finance, Procurement and Supply Chain Effectiveness with Cross-Functional Analytics
Date: May 6th, 2014
Time: 1 PM EDT
Attend this Webcast to find out how Oracle's packaged analytic applications enable line-of-business managers to examine all...
- Cloud Knowledge Vault Learn how your organization can benefit from the scalability, flexibility, and performance that the cloud offers through the short videos and other resources...
- All Government IT Webcasts