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HP Writes Down $8.8 Bil, Says Autonomy Cooked the Books By Jennifer LeClaire November 20, 2012 2:10PM     Details of massive corporate melodrama and a virtually unbelievable financial loss are unfolding for HP surrounding its acquisition of Autonomy. An intense internal investigation by HP, including review by PricewaterhouseCoopers of Autonomy's financial results, has led HP to believe that Autonomy was substantially overvalued.   Related Topics HP Autonomy Acquisition Earnings Meg Whitman Leo Apotheker Latest News Google Buys Into Wind-Power Drones Kim Dotcom Claims Two-Factor Patent HP PCs Aim for Flexibility, Mobility Twitter Hoping To Halt Hack Attacks Viva Movil! Buy a Phone from J.Lo (Page 2 of 2) What Does HP Do Now? HP has referred the matter to the U.S. Securities and Exchange Commission's Enforcement Division and the U.K.'s Serious Fraud Office for civil and criminal investigation. In addition, HP is preparing to seek redress against various parties in the appropriate civil courts to recoup what it can for its shareholders. The company said it intends to aggressively pursue the matter in months to come. "Today's write down announcement is the latest chapter in the melodrama around HP's $11.7 billion Autonomy acquisition," said Charles King, principal analyst at Pund-IT "While the company likely hoped the deal would become a cornerstone of then-CEO Leo Apotheker's software -driven market strategy, Autonomy actually took him out of the game. "Why? Because the deal was announced on the same day that HP delivered a far weaker than expected earnings report, killed its vaunted WebOS products and publicly discussed spinning off its PC products division." What does HP do now? King said it's imperative for the company to contact core customers directly and apprise them of the situation. The goal, he said, is for HP to be transparent about what's going on and to address any issues or insecurities those clients might have. Just as important, he continued, the company must do everything it can to manage the narrative around these events. If it doesn't, competitors will be more than happy to step in and do it for them. "Finally, HP needs to be clear about where it's going from here and what customers can expect from and during that journey," King told us. "To date, Meg Whitman has proven that she's capable of talking on unenviable tasks and making difficult, sometimes dreadful decisions. "If she's smart enough, tough enough and has time enough to bring the company back from this particular brink, her tenure will be remembered fondly by HP customers and shareholders alike." < Previous Page  |  1  |  2   Tell Us What You Think Comment: Name: Tom: Posted: 2012-11-21 @ 3:45pm PT @PK: You're exactly right. HP is a great company but it's tough to believe they could have made a mistake like this. pk: Posted: 2012-11-21 @ 2:39pm PT If you are prepared to pay $11B for a company, shouldn't you be smart enough to look at their books and be able to discover these improprieties before you sign a check for such a huge amount? Also Visit: iPad Info Center Billions of Bytes Mobile Device Now Apple Info Center TopTechWire.com Panasonic Toughbook® mobile computers are engineered to withstand drops, spills, dust and grime, and to perform in the harshest environments. Rugged reliability, low cost of ownership and accolades from reviewers are just a few of the reasons why Toughbook computers keep winning over the world's toughest users. Click here to learn more.  Enterprise I.T. 1.   HP PCs Aim for Flexibility, Mobility 2.   Nvidia GPU Boosts Citrix XenDesktop 3.   Security Alert: New Trojan Attacking 4.   Blue Coat Beefs Up Big Data Security 5.   Backing Up Is Hard To Do, Yet Critical

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Enterprise Hardware Spotlight

Newest HP PCs Aim for Flexibility, Mobility Hewlett-Packard is hoping its latest PC innovations will make its competitors envious. The new HP Envy Rove20 is the company's first mobile all-in-one PC, complete with a built-in battery and touch technology.   Dell Kills Its Public Cloud Effort, Will Offer Partner Marketplace Putting the kibosh on its efforts to build out a public cloud, Dell has announced a new program to offer a choice of cloud Infrastructure-as-a-Service through a central marketplace of partners.   Dell's Dismal Quarter Shows PC Maker's Challenges Dell's financial decay worsened during its latest quarter as the company slashed its personal computer prices in response to the growing popularity of smartphones and tablets in the beleaguered industry.

Mobile Enterprise Spotlight

Viva Movil! Buy a Phone from J.Lo Latina pop sensation and entrepreneur Jennifer Lopez is teaming with Verizon Wireless on a new 4G LTE network and wireless service dubbed Viva Movil by Jennifer Lopez, aimed at the U.S. Latino market.   Samsung Sells 10 Million Galaxy S IVs -- Four Every Second The new Galaxy S IV smartphone from Samsung is off to a strong start. The South Korean manufacturer has announced that global sales for the device have exceeded 10 million units in one month.   Google Adds Conversational Search to Chrome If you like chatting with Siri, sending voice texts while driving or telling your Xbox when to pause or rewind a DVD, you're going to enjoy the upgrade to Google's Chrome browser.

Enterprise Technology Spotlight

Newest HP PCs Aim for Flexibility, Mobility Hewlett-Packard is hoping its latest PC innovations will make its competitors envious. The new HP Envy Rove20 is the company's first mobile all-in-one PC, complete with a built-in battery and touch technology.   New Nvidia Chip Boosts Citrix Graphics for Remote Workers The latest Nvidia Graphics Processing Unit (GPU) promises to boost remote graphics sharing through the Citrix remote desktop service. The new chip delivers better graphics for remote workers.   Security Alert: Beware of Tiffany Trojan on the Attack Malware writers are using a luxury name to hack your PC. Security watchdog Sophos reports e-mails appearing to be from Tiffany.com carry an attachment that can install a malicious Trojan on your PC.

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