Really, Really Bad News for this Silicon Valley Giant
Silicon giant Hewlett-Packard is in serious trouble. Shares have fallen more than 10% today after the company announced an $8 billion write-down for its purchase of British software maker Autonomy last year.
HP stated: "This appears to have been a willful effort on behalf of certain former Autonomy employees to inflate the underlying financial metrics of the company in order to mislead investors and potential buyers. These misrepresentations and lack of disclosure severely impacted HP management's ability to fairly value Autonomy at the time of the deal."