HP stock falls on news of acquisition fraud
Original post made on Nov 21, 2012
Read the full story here Web Link posted Wednesday, November 21, 2012, 9:44 AM
on Nov 21, 2012 at 11:27 am
HP has screwed up a lot in the last few years. There is a lot of blame to spread around on this one, though. HP reportedly hired Deloitte, one of the world's biggest auditing companies, to evaluate Autonomy before the purchase. I expect a big lawsuit between the 2 companies and maybe HP can get some of their money back.
on Nov 21, 2012 at 1:48 pm
Seems like HP has steadily gone downhill since Carly Fiorina was CEO. It has just been one bad decision after another. It is really sad to watch a venerable company go downhill like this.
on Nov 21, 2012 at 1:53 pm
Reports in various business newspapers today are saying that HP's explanation is either a hoax or at most a gross exaggeration to coverup poor management and poor business decisions by HP. Yes, HP did lose a ton of money on this deal, but they could have figured out ahead of time that the deal stunk.
Further, the real reason for HP's stock price plunge is a poor quarterly earnings report. Autonomy may be just a smoke screen for the mass media, but professional bankers and investors aren't buying it.