HP, Plaintiffs Spar In 9th Circ. Over $11B Autonomy Purchase

Law360, San Francisco (May 15, 2017, 11:16 PM EDT) -- The Ninth Circuit heard two appeals Monday of suits stemming from Hewlett-Packard Co.'s failure to disclose problems with its $11 billion purchase of Autonomy Corp., seeking to revive an ERISA suit brought by HP's retirement plan and objecting to a shareholder derivative settlement.

Both suits allege HP failed to do its homework before acquiring Autonomy in August 2011, because executives ignored warnings that Autonomy had inflated its worth and had failed to acquire work papers from Deloitte LLP, which Autonomy hired to audit its finances. In...
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