HP bought software group Autonomy in 2011 but said this year the UK firm seemed to have “inflated” its value, leading to a $5 billion write-off. HP also said it was co-operating with the UK’s Serious Fraud Office.
In November, HP said that it was writing off $8.8 billion of the $11.1 billion it paid for Autonomy, of which $5 billion was “linked to serious accounting improprieties, misrepresentation and disclosure failures”.
HP had asked authorities to investigate alleged misrepresentations of Autonomy‘s finances before HP took over the company last year.
On Thursday, it said: “As a result of the findings of an ongoing investigation, HP has provided information to the UK Serious Fraud Office, the US Department of Justice and the SEC related to the accounting improprieties, disclosure failures and misrepresentations at Autonomy that occurred prior to and in connection with HP’s acquisition of Autonomy.
”On November 21, 2012, representatives of the US Department of Justice advised HP that they had opened an investigation relating to Autonomy. HP is cooperating with the three investigating agencies.“
The former head of Autonomy claims that former Autonomy management misled them as to the company‘s value. He has said he was ”shocked and appalled“ by the allegations.
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