HP to release derived from the acquisition of autonomy disputes

PALO ALTO, Calif., June 30, 2014 (Market Wired PRNewswire) - HP / quotes/zigman/229301/delayed / quotes / nls / HPQ HPQ -0.68%, Cotchett, Pitre and McCarthy, LLP and Robbins Geller Rudman and Dowd LLP announced today that they have reached an agreement to resolve, result in the litigation by shareholders from the acquisition of autonomy. The agreement is subject to court approval.

After the announcement of HP in November 2012 that the autonomy was engaged in accounting irregularities to reveal inaccuracies and omissions before HP acquired the company, lawsuits against HP's past and present directors, officers and directors have submitted.

The HP Board of Directors has appointed a committee of independent directors, the allegations in the derivative actions and related letter of application, including the claims that HP was able to evaluate Michael Lynch, former CEO of autonomy resist; and Shushovan Hussain, former CFO of autonomy. Based on recommendations of the Committee, the Board had concluded HP HP claims against Lynch and Hussain, among others. The Board further authorized the directors and officers (except Lynch) of any wrongdoing, former and current HP.

HP has done with lawyers for the shareholders mediation by former U.S. District Judge Vaughn R. Walker met. The agreement announced today is the result of the mediation.

Under the terms of the agreement, HP and the plaintiffs' attorneys agreed in three combinations:

                                 - Applicants and their counsel Cotchett, Pitre and McCarthy, LLP,              Robbins Geller Rudman and Dowd LLP and HP by              Lynch claims against Hussain and possibly others.          - All claims against directors, officers and consultants and former              HP (other former officials and advisers autonomy autonomy)              relating to or arising from the acquisition of autonomy              rejected.          - HP is in the process of improvements to policy and              Method for the evaluation of potential mergers and acquisitions, were the              developed with the help of the plaintiffs and their lawyers.                                               

All three studies are case shareholders Hewlett-Packard Company Derivative Litigation, Case No. C 12-6003 CRB, in the District Court of the United States pending and Gould v Whitman for the Northern District of California, et al., Case No. 1:13- cv-250220 and Noel v Whitman, et al., Case No. 1:13-cv-251 346, both of which are underway in California Superior Court of Santa Clara County.

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Copyright 2014 Hewlett-Packard Development Company, LP The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.

SOURCE: HP

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