Monday, December 31, 2012
HP Issues Statement on Autonomy and 10-K
HP today issued the following statement related to its write-down of Autonomy as represented in its 2012 10-K:
HP has been very transparent about the issues relating to Autonomy and the reasons why we announced an $8.8 billion non-cash impairment charge on November 20th. As we have said previously, the majority of this impairment charge, more than $5 billion, is linked to serious accounting improprieties, disclosure failures and outright misrepresentations discovered by HP’s internal investigation into Autonomy’s practices prior to and in connection with the acquisition.
Our Form 10-K for fiscal 2012 is meant to provide the necessary overview of HP’s financial condition, including our audited financial statements, which is what our filing does. As disclosed in the filing, the U.S. Department of Justice advised HP that they have opened an investigation relating to Autonomy. HP is cooperating with the Department of Justice, the Securities and Exchange Commission and the UK’s Serious Fraud Office in this matter. We continue to believe that the authorities and the courts are the appropriate venues in which to address the wrongdoing discovered at Autonomy.