Tag - Autonomy
A US district judge in San Francisco has outright rejected HP's settlement offer to settle the Autonomy acquisition class action suit in the US. Saying that "the shareholders appear to be relinquishing a whole universe of potential claims regarding HP governance and practices," Judge Charles Breyer has kicked the settlement back to the plaintiffs without suggestions for recovery. The matter is now likely to head to trial sometime in the summer of 2015.
US District Judge Charles Breyer has rejected the proposed HP deal to end shareholder litigation against it, at least in part. In yesterday's hearing to move the settlement forward, the judge did concede that "something went terribly wrong" with the HP and Autonomy deal from 2011 and subsequent $8.8 billion write-down of the firm in 2012, but rejected millions of dollars in attorney fees to be paid by HP, by saying "that's out. I'm not going to approve the fee arrangement, period"
Hewlett Packard and shareholder's legal representation have agreed to a settlement over the company's acquisition of software developer Autonomy, which has been wracked with allegations, and counter-claims of fraud and misrepresentation. Under the terms of the agreement, all claims against HP have been dropped, but former executives of Autonomy are still under the microscope, with the HP shareholders' attorneys now assisting HP in pursuing claims against them.
Former chief of HP acquisition Autonomy, Mike Lynch, has fired off a missive accusing HP of misleading shareholders about his former company's accounting problems. In his letter, the executive claims that the company was smeared by HP in the days leading to HP's $8.8 billion write-down in 2012, and asked the shareholders to "help put things right."
A pair of contradictory reports have surfaced today, regarding the potential sale of HP's troubled acquisition Autonomy to German software powerhouse SAP. Initially, the Times of London reported that HP had tried to sell the company to SAP, but a follow-up report from HP refutes all reports, with backup by SAP saying that an executive had a quote given in an interview misinterpreted by the UK paper.
Hewlett Packard co-chairman Ray Lane has stepped down from his position at the company, and is taking two other board members with him. Lane is leaving following a narrow re-election -- and G. Kennedy Thompson and John Hammergren, also both elected by a close margin -- are departing as well. All three are leaving in part due to their roles in the Autonomy acquisition scandal that rocked the company in 2012.
Amidst a growing movement to force out up to five of Hewlett Packard's board due to mishandling of the company's Autonomy purchase, shareholders have narrowly re-elected the existing members. Targeted members included John Hammergren, G. Kennedy Thompson, Marc Adreessen, Rajiv Gupta, and executive chairman Raymond Lane.
According to regulatory documents filed Monday, UK law enforcement has opened up an investigation into HP's claims that it was badly misled when it acquired software developer Autonomy. The inquiry by the UK Serious Fraud Office mirrors that of the US Department of Justice investigation that started at the end of 2012, after HP accused Autonomy of deceitful accounting and forged sales records.
Just before Hewlett Packard's March 20 shareholder meeting, a pair of proxy advisers are pushing for an ouster of several members of the board of directors. Investment firm Glass Lewis has recommended shareholders vote to remove venture capitalist Marc Adreessen, Rajiv Gupta, John Hammergren, and G. Kennedy Thompson from the board, with another firm -- ISS -- suggesting the removal of Hammergren and Thompson also. Both firms blame the directors for inadequate "due diligence" related to the controversial acquisition of British software company Autonomy that has dragged the company's financials down.
The US Department of Justice has commenced an investigation into reports of accounting fraud at Hewlett-Packard's troubled acquisition, Autonomy. In November, HP had made its own discovery of potential fraud at the software developer, and submitted evidence to federal regulators following a write-down of $8 billion of the value of the company, for which it paid $11 billion a little over a year ago.
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Macphun offers free Photos filters
Image editing software maker Macphun are offering a free set of up to 30 photo filter effects to extend the range of filter options available to users of Apple's Photos app for OS X, which replaced the previous iPhoto program. The first 15 filters are available after installing the software, and includes filters such as "Ancient Canvas" and "Twilight," while users who sign up for the Macphun newsletter will unlock the other 15 effects. The extension integrates directly into Photos, and include sliders for finer control of the effects and a masking brush. http://bit.ly/1VEgQD6
Snapchat sued over speed filter photo overlay
Accident victims in Spalding County, GA are suing Snapchat, as well as the driver responsible for the accident. The suit alleges that the app's "speed filter," which can post the speed that which a picture was taken, encouraged driver Christal McGee to attempt to reach 100 miles per hour in her car, leading to the accident that caused both Wentworth and Karen Maynard serious injuries. The suit alleges Wentworth Maynard suffered brain damage in the incident. McGee posted a photo of herself in a cervical collar on the way to the hospital, saying that she was "lucky to be alive." Snapchat has not commented on the lawsuit. http://abcn.ws/24nhR49
Pandora bleeding slows, posts $28.9M Q1 loss
Streaming music service Pandora today announced financial results for the first quarter of 2016, posting a loss of $28.9 million, an improvement from the $48.3 million loss it showed in the year-ago-quarter. Total consolidated revenue was $297.3 million, growing 29 percent year-over-year. Total listener hours grew 4 percent to 5.52 billion for the first quarter of 2016, compared to 5.30 billion for the same period of the prior year. Active listeners were 79.4 million at the end of the first quarter of 2016, up compared to 79.2 million for the same period of the prior year. http://pdora.co/1WtxdkW
Carl Icahn dumps Apple stock on China worries
Carl Icahn has sold all of his stock in Apple, citing concerns over sales in China. While he called Apple a "great company" and praised Tim Cook for "doing a great job," Icahn sold his shares after the Apple investor results, garnering a profit of $2 billion over three years. Icahn said of business in China that the Chinese government could "come in and make it very difficult for Apple to sell there." Should the market steady in China, Icahn said that he will re-invest in the company, regardless of the market price. http://cnb.cx/1SCfEdI
August Home HomeKit compatible Smart Lock ships
Smart lock developer August Home today began shipping its second generation Smart Lock, with HomeKit support. In addition to full Siri support, the Smart Lock is also compatible with third-party HomeKit apps like Insteon+, Lutron, and iDevices, allowing for multi-step actuations, like turning on a light when the door is locked or unlocked. The August Smart Lock HomeKit enabled retails for $229. http://bit.ly/1SvADlG
Triby third-party speaker with Alexa Voice Service
Speaker and telecom device developer Invoxia has announced the Amazon Alexa Voice Service is now integrated and available on Triby, its device that combines music, messaging and communication functionality in one family-friendly, voice-activated product. Starting today, Triby becomes the first non-Amazon product to be Alexa-enabled. The Triby retails for $199, with a limited time $30 launch discount. http://amzn.to/1SC4zJG
EDGE shutdown plan on track for 2016 completion
AT&T Chief Financial Officer John Stevens has reported that the company is continuing to migrate its customer base as it moves forward with plans to shut down its 2G EDGE network by the end of this year. According to Stevens, the carrier has already repurposed some of the 2G network spectrum in areas where 2G device traffic has dropped off. This incremental approach, he said, means some markets will only have small chunks of spectrum left that need to be repurposed. The freed bandwidth will be used to expand the 4G network. http://bit.ly/1Tyj7w9