NEW YORK, Jan. 11, 2013 (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 thereunder.
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 times.
On November 20, 2012, the Company disclosed a none-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