HP Wins 4-Month Stay In Derivative Suit Over $11B Buyout
By Beth Winegarner
Law360, San Francisco (September 6, 2013, 8:56 PM ET) -- A California federal judge Friday granted Hewlett-Packard Co.’s motion to stay a derivative action accusing it of misleading shareholders about Autonomy Corp.'s financial health before HP bought the company in 2011, agreeing to give an outside committee hired by HP’s board four months to investigate the allegations as a criminal investigation is pending.
U.S. District Court Judge Charles Breyer gave the company until Jan. 17, 2014, to complete the investigation, make a decision and notify the court. HP argued Friday that Autonomy grossly overstated its revenues...