Boston, MA 06/27/2014 (wallstreetpr) – Hewlett-Packard Company (NYSE:HPQ) has unloaded a serious headache after a District Court in San Francisco stopped a lawsuit against the company. Following the dismissal of the lawsuit, the company can now turn its focus on growing the business, especially amid plans to venture into 3D printing technology.
U.S. District Judge Jon S. Tigar, in San Francisco, disallowed shareholders to bring a case against the company citing that the plaintiffs failed to provide watertight allegations that the company made illegal concealment of information.
A group of shareholders went to court claiming that Hewlett-Packard Company (NYSE:HPQ) concealed information about violation of the company’s standards by former CEO Mark Hurd. The claims hinged on unwanted sexual advances and false expenses.
The plaintiffs maintained that the company misrepresented information when it adopted the so-called Standards of Business Conduct because it failed to report that Hurd violated the same standards. The plaintiffs also named Hurd in the suit. Hurd resigned from the company and currently serves as co-president at Oracle Corporation (NYSE:ORCL).
A similar suit was brought against Hewlett-Packard Company (NYSE:HPQ) last year but failed as the court asked the plaintiffs to revise their claims.
3D printing technology
Following the dismissal of shareholder suit, Hewlett-Packard Company (NYSE:HPQ) can now closely focus on 3D printing business. The company’s CEO Meg Whitman recently hinted that HPQ could enter 3D printing business this year.
The 3D printing currently has 3D Systems Corporation (NYSE:DDD) as the lead player but Hewlett-Packard Company (NYSE:HPQ) could scuttle its hopes because of its strong financial muscles and extensive networking in the printing market. The 3D printing market is expected to quadruple by 2020, proving a huge business opportunity for players.
Turnaround business
Hewlett-Packard Company (NYSE:HPQ) is in the middle of a turnaround. The company is restructuring its operations whereby it is letting go of some employees and hiring where it expects growth, especially in the cloud and software segments. The company’s revenue has been impacted by the decline in PC sales as people shift to smartphones and tablets.
