Autonomy is an acquisition of $ 11.2 billion that has turned into a fiasco for HP . The price was overrated, especially due to accounting errors, fraud even according to the manufacture.
HP has already been forced to record an impairment of the value of the company $ 8.8 billion. A painful operation for the shareholders of the company and its employees affected by a major restructuring. But HP Is management only victim ?
The direction of HP informed in an audit report
According to a survey by the Financial Times, it was not totally ignoring practices Autonomy , including that of selling equipment loss. After the takeover, but long before the scandal broke and shareholders are cautioned, HP was given a report from auditors.
A report that informs the direction of the manufacturer of these anomalies in the accounts and business practices of its new subsidiary.A document is supplemented by exchanges of emails, including one dated October 2011 and whose CEO Meg Whitman was one of the recipients.
These elements tend to contradict the defense ensures HP not having learned of accounting manipulations before the case is revealed. Concerning practices Autonomy in the sale of equipment, documents consulted by the Financial Times indicates that HP knew about seven months before the completion of the acquisition in May 2012.
The manufacturer will not disclose at this point that much later, in November 2012. During the same month an investor has also filed a complaint against the company . The latter accused him of having knowledge of the problems of Autonomy accounting and concealing this information voluntarily.
