Featured Articles

AMD sheds light on stacked DRAM APUs

AMD sheds light on stacked DRAM APUs

AMD is fast tracking stacked DRAM deployment and a new presentation leaked by the company  points to APUs with stacked DRAM,…

More...
Nvidia officially launches the 8-inch Shield Tablet

Nvidia officially launches the 8-inch Shield Tablet

As expected and reported earlier, Nvidia has now officially announced its newest Shield device, the new 8-inch Shield Tablet. While the…

More...
Intel launches new mobile Haswell and Bay Trail parts

Intel launches new mobile Haswell and Bay Trail parts

Intel has introduced seven new Haswell mobile parts and four Bay Trail SoC chips, but most of them are merely clock…

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

More...
AMD A8-7600 Kaveri APU reviewed

AMD A8-7600 Kaveri APU reviewed

Today we'll take a closer look at AMD's A8-7600 APU Kaveri APU, more specifically we'll examine the GPU performance you can…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Thursday, 29 November 2012 10:28

Audit firms sued over HP's Autonomy buy out

Written by Nick Farrell



Missed loads of red flags

Four big audit firms have been sued for missing numerous red flags about Autonomy's accounting before it was flogged to HP.

The lawsuit, filed on Tuesday in federal court in San Jose, California, also named HP's board of directors, officers, and former executives, alleging breach of duty and negligence for their role in HP's acquisition Autonomy. This is expected to be one of many lawsuits by investors seeking to recoup losses as a result of the Autonomy write down. HP's shares fell 12 percent to a 10-year low last week after it announced an $8.8 billion write-down on its acquisition of Autonomy.

HP Chief Executive Meg Whitman has said that the company relied on audits of Autonomy, done by the UK arm of Deloitte Touche Tohmatsu, when it paid $11.1 billion for Autonomy last year. She also added that HP relied on KPMG's audits of Deloitte's work.

But KPMG said it was not engaged to do any audit work or oversee the Deloitte audit work being questioned. Deloitte said it was not responsible for due diligence on the Autonomy acquisition. It said its last audit opinion on Autonomy was for the year ended December 2010.

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments