HP investor sues company for handling of 2 deals

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Associated Press

Posted on November 27, 2012 at 12:01 AM

Updated Tuesday, Nov 27 at 12:02 AM

SAN FRANCISCO (AP) — A Hewlett-Packard shareholder has filed a lawsuit alleging the troubled technology company's top executives misled investors about two key acquisitions that have caused billions of dollars in losses.

The complaint filed Monday in a San Francisco federal court comes after Hewlett-Packard Co. stunned Wall Street last week with its own allegations of accounting shenanigans at Autonomy, a business software maker it acquired for $10 billion last year.

The lawsuit filed by shareholder Allen Nicolow alleges HP management concealed the problems at Autonomy and another recent acquisition, Electronic Data Systems, in an attempt to boost HP's stock price.

The stock has lost more than half its value so far this year.

HP, which is based in Palo Alto, Calif., declined to comment on the suit.

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