THE ACCUSATION: Hewlett-Packard Co. says executives at a British software company it bought last year for $9.7 billion, Autonomy, padded the company’s financial results using various accounting tricks.
THE COST: HP took an $8.8 billion writedown for the $9.7 billion acquisition. More than $5 billion of the writedown was due to the accounting shenanigans, HP said.
THE REBUTTAL: Mike Lynch, the founder and former CEO of Autonomy, denied the allegations and said it is sad to see how HP has mismanaged the company after the acquisition.
By James A. Lyons
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