Hewlett-Packard claims financial improprieties from Autonomy ahead of purchase

The tech giant says Autonomy’s 2010 revenue was lowered by 54 percent, or roughly £95 million ($156 million)

Hewlett-Packard Co. has claimed that U.K. software maker Autonomy inflated its revenue and profit before HP’s 2011 purchase of the company. Now, following an audit of Autonomy’s 2010 financial statements, HP believes it has the ammo to prove it.

HP claims that it found financial improprieties during the audit, which examined Autonomy’s 2010 and 2011 fiscal reports. The tech giant says Autonomy’s 2010 revenue was lowered by 54 percent, or roughly £95 million ($156 million), when HP refiled the company’s 2010 statement with Companies House, the U.K. registry of companies. HP also says the restatement showed an operating-profit decline of 81 percent.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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