Shareholder Rights Law Firm Johnson & Weaver, LLP Investigates Hewlett-Packard’s Board of Directors For Breach of Fiduciary

  Shareholder Rights Law Firm Johnson & Weaver, LLP Investigates
  Hewlett-Packard’s Board of Directors For Breach of Fiduciary Duty

Business Wire

SAN DIEGO -- November 26, 2012

Shareholder Rights Law Firm Johnson & Weaver, LLP has commenced an
investigation into whether certain officers and directors of Hewlett-Packard
Co. (NYSE: HPQ) (“HP”) breached their fiduciary duties to the company and
violated federal securities laws in connection with the Company’s acquisition
of Autonomy Corp. PLC (“Autonomy”).

Johnson & Weaver’s investigation focuses on HP’s November 20, 2012
announcement that it needed to take an $8.8 billion write down on its August
2011 acquisition of Autonomy, a British software firm. On this news, HP’s
stock price fell $1.59 per share (12%) to close at $11.71 — it’s lowest price
in over a decade.

HP’s CEO Meg Whitman explained that this write down was largely caused by
Autonomy’s intentional manipulation of its financial metrics before the
acquisition. Autonomy’s former founder and former CEO, Michael Lynch, has
rejected this accusation. Further, several prominent experts and analysts have
questioned whether HP’s Board of Directors is trying to paint itself as a
victim of fraud in order to deflect criticism of its own failure to perform
proper due diligence before agreeing to purchase Autonomy. The Associated
Press quoted Mark Williams, a Boston University finance professor and former
bank examiner for the Federal Reserve, as calling HP’s accusations against
Autonomy “due diligence deflection.” According to Williams: “Just to say ‘we
paid too much because of fraud’ doesn’t negate the fact of inadequate due
diligence. Some responsibility needs to come back to HP.”

Johnson & Weaver invites HP shareholders who are concerned about their legal
rights and remedies to contact attorney Brett Weaver at (619) 230-0063 or
brettw@johnsonandweaver.com.

Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law
firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com.

Contact:

Johnson & Weaver
Brett Weaver, (619) 230-0063
brettw@johnsonandweaver.com
 
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