« | Home | Recent Comments | Categories | »

Hewlett-Packard finds accounting problems, takes $8.8b charge, after acquiring Autonomy

Posted on November 21st, 2012 at 16:37 by John Sinteur in category: News -- Write a comment

[Quote]:

Hewlett-Packard Co. said Tuesday that it had taken an $8.8 billion accounting charge, after discovering ‘‘serious accounting improprieties’’ and ‘‘outright misrepresentations’’ at Autonomy Corp., a British software maker that it bought for $10 billion last year.

It is a major setback for a struggling HP. The charge essentially wiped out its profit. In the latest quarter, HP reported a net loss of $6.9 billion, compared with a $200 million profit a year earlier.

The company said the improprieties and misrepresentations took place just before the acquisition and accounted for most of the charges in the quarter, more than $5 billion.

I wonder how they did their due diligence…

previous post: You are committing a crime right now

next post: What I Learned at a Conservative Think Tank: Propaganda Now, Facts Later!