Hewlett-Packardhas been plunged into an accounting scandal over its 2011 acquisition of Autonomy, the UK-based enterprise software company, after writing down $8.8bn in the value of the $11bn deal.
The struggling US technology conglomerate has alleged that “serious” accounting improprieties at the British software company were responsible for more than $5bn of the writedown.
Meg Whitman, chief executive, said information provided by a member of Autonomy’s management team after founder Mike Lynch was fired in May had prompted an internal investigation. This revealed improprieties, “disclosure failures and outright misrepresentations at Autonomy”, which occurred before the acquisition.