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.
Now AAPL Stock: 119.99 ( -0.01 )
Cirrus creates Lightning-headphone dev kit
Apple supplier Cirrus Logic has introduced a MFi-compliant new development kit for companies interested in using Cirrus' chips to create Lightning-based headphones, which -- regardless of whether rumors about Apple dropping the analog headphone jack in its iPhone this fall -- can offer advantages to music-loving iOS device users. The kit mentions some of the advantages of an all-digital headset or headphone connector, including higher-bitrate support, a more customizable experience, and support for power and data transfer into headphone hardware. Several companies already make Lightning headphones, and Apple has supported the concept since June 2014. http://bit.ly/29giiZj
Apple Store app offers Procreate Pocket
The Apple Store app for iPhone, which periodically rewards users with free app gifts, is now offering the iPhone "Pocket" version of drawing app Procreate for those who have the free Apple Store app until July 28. Users who have redeemed the offer by navigating to the "Stores" tab of the app and swiping past the "iPhone Upgrade Program" banner to the "Procreate" banner have noted that only the limited Pocket (iPhone) version of the app is available free, even if the Apple Store app is installed and the offer redeemed on an iPad. The Pocket version currently sells for $3 on the iOS App Store. [32.4MB]
Porsche adds CarPlay to 2017 Panamera
Porsche has added a fifth model of vehicle to its CarPlay-supported lineup, announcing that the 2017 Panamera -- which will arrive in the US in January -- will include Apple's infotainment technology, and be seen on a giant 12.3-inch touchscreen as part of an all-new Porsche Communication Management system. The luxury sedan starts at $99,900 for the 4S model, and scales up to the Panamera Turbo, which sells for $146,900. Other vehicles that currently support CarPlay include the 2016 911 and the 2017 models of Macan, 718 Boxster, and 718 Cayman. The company did not mention support for Google's corresponding Android Auto in its announcement. http://bit.ly/295ZQ94
Apple employees testing wheelchair features
New features included in the forthcoming watchOS 3 are being tested by Apple retail store employees, including a new activity-tracking feature that has been designed with wheelchair users in mind. The move is slightly unusual in that, while retail employees have previously been used to test pre-release versions of OS X and iOS, this marks the first time they've been included in the otherwise developer-only watchOS betas. The company is said to have gone to great lengths to modify the activity tracker for wheelchair users, including changing the "time to stand" notification to "time to roll" and including two wheelchair-centric workout apps. http://bit.ly/2955JDa
SanDisk reveals two 256GB microSDXC cards
SanDisk has introduced two 256GB microSDXC cards. Arriving in August for $150, the Ultra microSDXC UHS-I Premium Edition card offers transfer speeds of up to 95MB/s for reading data. The Extreme microSDXC UHS-I card can read at a fast 100MB/s and write at up to 90MB/s, and will be shipping sometime in the fourth quarter for $200. http://bit.ly/294Q1If
Apple's third-quarter results due July 26
Apple has advised it will be issuing its third-quarter results on July 26, with a conference call to answer investor and analyst queries about the earnings set to take place later that day. The stream of the call will go live at 2pm PT (5pm ET) via Apple's investor site, with the results themselves expected to be released roughly 30 minutes before the call commences. Apple's guidance for the quarter put revenue at between $41 billion and $43 billion. http://apple.co/1oi1Pbm
Twitter stickers slowly roll out to users
Twitter has introduced "stickers," allowing users to add extra graphical elements to their photos before uploading them to the micro-blogging service. A library of hundreds of accessories, props, and emoji will be available to use as stickers, which can be resized, rotated, and placed anywhere on the photograph. Images with stickers will also become searchable with viewers able to select a sticker to see how others use the same graphic in their own posts. Twitter advises stickers will be rolling out to users over the next few weeks, and will work on both the mobile apps and through the browser. http://bit.ly/29bbwUE