Boston, MA 09/19/2014 (wallstreetpr) – Hewlett-Packard Company (NYSE:HPQ) filed an appeal with the U.S. judge to curtail an ex-CFO of AUTONOMY CORP PLC ORD (OTCMKTS:AUTNF), HP-acquired company, from getting into a fight for investor pact.
Ex-CFO’s Opposition to Investors Accord
HP asked the Judge to let shareholder settlement go ahead, despite opposition from Sushovan Hussain, the ex-CFO of Autonomy. This is in relation to the pact over the failed deal of the company with Autonomy.
Mr. Hussain is opposing the pact in which the investors of HP gave their nod to join it in the lawsuit against the ex-managers of the company, which also include him as well as the CEO Mike Lynch.
HP’s Allegations and Ex-Managers’ Revolt
HP is pursuing the case against ex-managers of Autonomy on the basis of allegations that Lynch and Hussain did not reveal about the exact financial situation of the company before HP acquired it in the year 2011.
However, both Lynch and Hussain did not buy HP’s allegation and instead countered by saying that HP management did not run Autonomy properly. The investors who had filed a case against Hewlett-Packard Company (NYSE:HPQ), have now exchanged sides and have joined HP in holding Hussain and Lynch accountable for the bungled deal. Hussain, in the meanwhile, had sought for intervention in this investors’ pact with HP.
The Autonomy ex-managers, in an e-mailed response to Bloomberg, said that no fraud was involved in the deal.
HP and Hussain’s Filings
While filing its appeal with the federal court of San Francisco, HP said that Hussain did not want to protect shareholders of HP or Hewlett-Packard Company (NYSE:HPQ) itself.
In his filing, Hussain said that the shareholder accord of Hewlett-Packard Company (NYSE:HPQ) had “fatal flaws” and that HP did not address to these flaws. Some of these, as explained by Hussain, included governance reforms that haven’t been reviewed by the investors.
