Former CEO Leo Apotheker, CEO Meg Whitman, Barclays and Perella Weinberg Partners among houses sued by investors.
Stakebuzz has reported on the decision by HP investors to sue the OEM’s directors and auditors and Autonomy founder Mike Lynch over misrepresentation of information regarding the purchase of the UK software firm.
A case was filed on 27 November against business houses including Deloitte LLP, KPMG LLP, Barclays PLC, Perella Weinberg Partners UK LLP, and Autonomy founder Mike Lynch in addition to current HP CEO Meg Whitman and former company officers and directors including former CEO Leo Apotheker.
HP claims that it was misled into its purchase of Autonomy, severely overvaluing the company as a “senior member of Autonomy’s leadership team came forward […] alleging that there had been a series of questionable accounting and business practises at Autonomy prior to the acquisition by HP”.
The complaint identifies the main reasons of declining HP stock value as due to the extensive wasteful spending of billions of dollars, breaches of fiduciary duties, wastage of corporate assets and high negligence.