HP Says It Has Evidence of Accounting Improprieties

Hewlett-Packard Co. (HPQ) said it’s conducting an “intense” internal investigation and has uncovered extensive evidence of improper accounting at Autonomy Corp., a software company it bought last year.

Responding to a letter by former Autonomy Chief Executive Officer Mike Lynch calling on Hewlett-Packard’s board to explain its allegations, Hewlett-Packard said that the matter was now in the “hands of authorities.”

“While Dr. Lynch is eager for a debate, we believe the legal process is the correct method in which to bring out the facts and take action on behalf of our shareholders,” Hewlett- Packard said in an e-mailed statement.

To contact the reporter on this story: Aaron Ricadela in San Francisco at aricadela@bloomberg.net

To contact the editor responsible for this story: Reed Stevenson at rstevenson15@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.