HP accuses Autonomy of wrongdoing, takes US$8.8bln charge

Hewlett-Packard Co stunned Wall Street by alleging a massive accounting scandal at its British software unit Autonomy and taking an US$8.8 billion writedown, the latest in a string of reversals that renewed questions about the competence of the storied company’s board and senior managers.

HP said on Tuesday it discovered “serious accounting improprieties” and “a willful effort by Autonomy to mislead shareholders,” after a whistleblower came forward following the May ouster of former Autonomy Chief Executive Mike Lynch.

via Business feed http://www.scmp.com/business/companies/article/1087398/hp-accuses-autonomy-wrongdoing-takes-us88bln-charge