HP Accused Of Insider Trading Over Spying Debacle

Law360, New York (November 30, 2006, 12:00 AM EST) -- As executives at Hewlett-Packard Co. realized the computer maker’s internal spying scandal was about to hit the airwaves, many turned to insider trading to soften the feared financial blow, according to an amended shareholder lawsuit filed Wednesday.

The derivative suit, filed in September in Santa Clara County Superior Court, was amended to accuse eight executives, including Chief Executive Officer Mark Hurd, of scheming to shed HP stock worth more than $41 million.

The charges of unjust enrichment join the suit’s original allegations that Hurd, along with...
To view the full article, register now.