HP woes deepen with bad deal writedown | Bangkok Post: news

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HP woes deepen with bad deal writedown

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Hewlett-Packard's woes deepened Tuesday as the US tech giant reported a massive loss, blaming deliberate financial misstatements from a British software firm it bought last year. 

Hewlett-Packard called Tuesday for a probe into "willful" financial misstatements by Autonomy, a British software firm it bought for over $10 billion, which HP now says was overvalued.

HP called for a probe by US and British authorities of software maker Autonomy, saying "accounting improprieties" before the acquisition led to an "overvalued" acquisition price, which forced HP to take a huge writedown in value.

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