HP Says the Justice Department Is Probing Autonomy for Fraud
HP took a massive hit after its purchase of Autonomy didn't work out so well. HP has alleged since it had to take the massive write-down on the purchase of the softwarecompany that accounting impropriety during its inspection of the Autonomy books is to blame. HP has announced that the US Department of Justice has officially opened an investigation into its allegations of accounting fraud.
Last year HP purchased Autonomy for $11 billion. In November of this year, HP announced that it uncovered accounting fraud at the company forcing it to take a write-down of $8 billion. HP has stated in the past that it had offered evidence to federal regulators and the launch of an investigation would seem to confirm that fact.
"As a result of the findings of an ongoing investigation, HP has provided information to the U.K. Serious Fraud Office, the U.S. Department of Justice and the (Securities and Exchange Commission) related to the accounting improprieties, disclosure failures and misrepresentations at Autonomy that occurred prior to and in connection with HP's acquisition of Autonomy. On Nov. 21, 2012, representatives of the U.S. Department of Justice advised HP that they had opened an investigation relating to Autonomy. HP is cooperating with the three investigating agencies."
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