SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders of Hewlett-Packard
Company of Upcoming Deadline - HPQ
NEW YORK, Dec. 14, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Hewlett-Packard
Company ("HP" or the "Company") (NYSE:HPQ) and certain of its officers. The
class action filed in United States District Court, Northern District of
California, and docketed under 4:12-cv-06074-YGR is on behalf of a class
consisting of all persons or entities who purchased or otherwise acquired
securities of HP between August 19, 2011 and November 19, 2012, both dates
inclusive (the "Class Period"). This class action seeks to recover damages
against the Company and certain of its officers and directors as a result of
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased HP securities during the Class Period,
you have until January 25, 2013 to ask the Court to appoint you as Lead
Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number.
HP provides imaging and printing systems, computing systems, and information
technology services for business and personal use.The Company's products
include laser and inkjet printers, scanners, copiers and faxes, personal
computers, and other computing and printing systems.
The Complaint alleges that throughout the Class Period, the Company made
materially false and misleading statements regarding the Company's business,
operational and compliance policies. Specifically, the Company made false
and/or misleading statements and/or failed to disclose that:(i) at the time
the Company acquired Autonomy, Autonomy's reported operating results and
historic growth were the product of accounting improprieties; (ii) at the time
the Company had agreed in principle to acquire Autonomy, HP was looking to
unwind the deal due to potential accounting improprieties discovered in
Autonomy's financial statements; (iii) the Company engaged in inadequate due
diligence during the Autonomy acquisition and, as a result thereof, the
Company materially overpaid for Autonomy; (iv) the Company's reported goodwill
and acquired intangible assets were overstated and would have to be written
down; (v) Autonomy's operating margin for its Enterprise Services segment was
collapsing for several reasons, including unfavorable revenue mix and
underperforming contracts; and (vi) as a result of the above, the Company's
financial statements were materially false and misleading at all relevant
On November 20, 2012, the Company disclosed a non-cash impairment charge of
$8.8 billion related to the Company's acquisition of Autonomy.Moreover, the
Company disclosed that for the first time beginning in May, 2012, HP had
commenced an internal investigation regarding possible accounting fraud at
Autonomy.On this news, HP shares declined $1.59 per share or nearly 12%, to
close at $11.71 per share on November 20, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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