U.K. FRC Launches Investigation Into Autonomy Accounting Practices (HPQ)
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Price: $22.11 -2.34%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.4%
EPS Growth %: -12.0%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.4%
EPS Growth %: -12.0%
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Hewlett-Packard (NYSE: HPQ) is getting a little further along following its botched $8.8 billion acquisition of Autonomy in 2011.
The U.K.'s Financial Reporting Council said it would look into accounting practices used by Autonomy between January 1, 2009, and June 30, 2011.
The FRC sets accounting standards and U.K. Corporate Governance and Stewardship Codes, but has no power to bring about criminal charges.
H-P has accused Autonomy of fraudulent practices, though Autonomy founder Mike Lynch has denied the allegations.
No timeline was given by the FRC on conclusion of the probe.
Shares of H-P are now in positive territory.
The U.K.'s Financial Reporting Council said it would look into accounting practices used by Autonomy between January 1, 2009, and June 30, 2011.
The FRC sets accounting standards and U.K. Corporate Governance and Stewardship Codes, but has no power to bring about criminal charges.
H-P has accused Autonomy of fraudulent practices, though Autonomy founder Mike Lynch has denied the allegations.
No timeline was given by the FRC on conclusion of the probe.
Shares of H-P are now in positive territory.
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