More than a year after killing off webOS, this little gem comes out. HP is now accusing Autonomy, the company it acquired last year and with which it intended to transfrom itself into a services first company instead of a hardware first company, of fraud. HP says Autonomy misrepresented its financials and overvalued itself, so much so that HP had to write down nearly $9B in impairment charges, and it spent $10B acquiring Autonomy. This was enough to send HP's stock plunging 10%.
Here is this other little tidbit:
Old Leo rears his ugly head again. With last year's 20% stock drop in a single day, and today's 10% stock drop (so far), Leo Apotheker is single-handedly responsible for losing at least 30% of HP's value. Not only value, but he's responsible for shattering confidence in HP's hardware business, and completely obliterating HP's hopes of gaining ground in mobile with webOS. As this news comes out, it's another blow to webOS fans. Leo Apotheker pretty much killed everything he touched while at HP.
Whitman said that within H-P, the two executives who led the deal, former CEO Leo Apotheker
and former chief of strategy Shane Robison, are both gone.
H-P, Autonomy fiasco: Who else is to blame? - MarketWatch First Take - MarketWatch