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All Posts Tagged Tag: ‘Autonomy’

Autonomy’s Former Execs “Welcome” FRC Investigation

Back in November 2012, HP announced its dismal quarterly results and blamed around $5 billion of its $8.8 billion impairment charge on “serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy prior to its purchase by HP in 2011. Autonomy founder Mike Lynch shot back at HP immediately, starting a website and issuing an open letter accusing HP of mismanagement. …

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HP Rebuffs Offers For Autonomy, EDS and Opens New Executive Center

The Wall Street Journal is reporting that HP has received offers to buy both Autonomy and EDS. The companies have lost much of their value since being acquired by HP, forcing around 16 billion in write-downs during HP’s last two quarterly reports of 2012. This news come in light of reports that HP could attempt to sell off some of …

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HP Could Sell Off Divisions to Shore-Up Revenue

2012 was certainly a bad year for HP. The company saw its revenues fall and its stock price followed. Tens of thousands of planned layoffs have been announced, and ts last two quarterly reports have included write-downs of more than 8 billion dollars. It’s not clear anymore that HP can survive the changing consumer PC market, even by simply acquiring …

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Can HP Survive the Post-PC Revolution?

On November 20, 2012, Hewlett-Packard (HP) announced its second quarterly write-down of over $8 billion dollars in a row. That in itself is cause for alarm, but the fact that HP blamed the write-downs on two of its largest recent acquisitions means the company could be flailing to find a foothold in a world where PCs and printers are quickly …

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Autonomy Founder Starts Website to Combat Fraud Allegations

Autonomy founder Mike Lynch has been outspoken since HP leveled accounting fraud allegations against his former company. The executive, who left Autonomy earlier this year, has denied any wrongdoing and has shot back at HP, stating that mismanagement and infighting between HP divisions is responsible for the company’s massive value loss. Now, Lynch has created a website, AutonomyAccounts.org, to be …

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Shareholders Sue Everyone Over HP/Autonomy Deal

When HP announced last week that it was taking an $8.8 billion impairment charge, and that $5 billion it is related to “serious accounting improprieties, misrepresentation, and disclosure failures” at Autonomy before HP acquired the firm, it was clear that the lawsuits would soon be flying. Lawyers no doubt jumped into action before the earnings call was even over, and …

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Autonomy Founder Issues Open Letter to HP, HP Responds

Ever since HP’s announcement that it will take an $8.8 billion impairment charge, mostly due to what it calls “serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy prior to its 2011 acquisition by HP, Autonomy founder Mike Lynch has been firing back at the company he says destroyed Autonomy’s value. Lynch claims that he and other former Autonomy executives …

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Autonomy Founder Blames HP For Lost Billions

HP is seeing some massive blowback from its announcement that it has taken an $8.8 billion impairment charge, and that around $5 billion of it is due to ” serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy. HP purchased the enterprise search and knowledge management service company just over one year ago for $10.2 billion. It claims that soon …

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Autonomy Auditor Denies Knowledge of HP’s Fraud Claims

The fallout from HP‘s allegations of massive accounting fraud at Autonomy continue to grow. Today, an account auditing firm that audited Autonomy’s financials before the company was purchase by HP has denied any knowledge of the accounting improprieties HP alleges. According to a statement obtained by the New York Times, auditing firm Deloitte “categorically denies that it had any knowledge …

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Autonomy Founder Fires Back at HP Amid Accounting Fraud Claims

The founder of enterprise search and knowledge management service company Autonomy is firing back at HP amid allegations that his company used sketchy accounting practices to inflate its value prior to its sale to HP in August 2011. In an interview with the Wall Street Journal (WSJ), Lynch said of HP’s allegations that “they are completely and utterly wrong and …

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HP Logs $8.8 Billion Impairment Charge For Possibly Fraudulent Accounting by Autonomy

Just over one year ago, HP bought Autonomy, an enterprise search and knowledge management service company for $10.2 billion. Today, HP announced it would be taking an $8.8 billion impairment charge due to what it calls “serious accounting improprieties, misrepresentations, and disclosure failures” at Autonomy prior to HP’s acquisition of the company. HP stated that it discovered the fraudulent accounting …

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