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 firstname.lastname@example.org. Follow me on Twitter: @jeremy_kirk
This pilot fish is a contractor at a military base, working on some very cool fire-control systems for tanks. But when he spots something obviously wrong during a live-fire test, he can't get the firing-range commander's attention.
- 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.
- Reduce federal infrastructure risk with compliance management and situational awareness
- IBM continuous monitoring and management solutions deliver real-time situational awareness to help federal agencies understand vulnerabilities, and protect the infrastructure.
- 5 Customers Deliver Virtual Desktops and Apps to Empower a Modern Workforce
- Learn how Citrix solutions helped 5 companies realize the full value of desktop virtualization through a project-by-project approach based on key business priorities.
- Top 10 Reasons to Strengthen Information Security with Desktop Virtualization
- Regain control and reduce risk without sacrificing business productivity and growth
- IDC MarketScape: Worldwide Client Virtualization Software 2013 Vendor Assessment
- IDC has placed Citrix in the 2013 IDC MarketScape Leaders Category once again noting that, "Citrix's position reflects the company's market leadership and...
- Infographic: Top Use Cases for Desktop Virtualization
- A wide range of business issues is driving IT toward desktop virtualization. One solution-Citrix XenDesktop with FlexCast technology-helps IT teams empower their entire... All Government IT White Papers
- What Does it Take to Deliver a Superior Customer Experience? The Two Top-Rated Online Retailers, B&H Photo and Crutchfield Electronics, Share Their Secrets Discuss practical CX tools and service methods such as contact center agents and the use of realtime speech analytics to help contact center...
- Keep Servers Up and Running and Attackers in the Dark An SSL/TLS handshake requires at least 10 times more processing power on a server than on the client. SSL renegotiation attacks can readily...
- On Demand: Mastering the Art of Mobile Content Management Mobile device usage in the enterprise has skyrocketed, and it continues to escalate. IT must answer to users who demand access to their...
- DevOps with PureApplication System: Reduce cost and speed delivery with an integrated IBM Cloud solution Join this webcast to hear what ING Netherlands has been able to achieve while deploying DevOps tools from IBM Rational. An ING executive...
- NSS Labs & Cisco Present: Evaluating Leading Breach Detection Systems Today's constantly evolving advanced malware and APTs can evade point-in-time defenses to penetrate networks. Security professionals must evolve their strategy in lockstep to...
- All Government IT Webcasts