HP acquired a company for $10 billion that was only worth $1 billion.
Any holders of HP shares might consider getting rid of them.
I think the move in that direction started pre market today. I was surprised given the amount of the charge, the fall was only about 12%.
Gee Whiz! Where was HP’s due diligence?
Sounds like someone didn’t do their research very well.
If the deal is too good to be true, then...
I’m glad I didn’t take the job they offered me a year ago! I’m sure it’ll be on the chopping block soon enough.
I dumped all 25 shares I had of HP. Not much, but I don’t need to lose anymore from their garbage.
I used to be a stalwart supporter of HP, but they’re not even a shadow of the company they were 10 years ago.
Well, Meg Whitman’s toast.
Who buys a business - large or small - without auditing the books? Nice going, Meg. You would have made a GREAT governor.....
Hmmmmm. Carly Fiowhatshername.....Meg Whitman......figures....
TG, I dumped my HP shares 2 years ago.
Victim, my ass! This is why HP and all big companies employ hoardes of accountants and attorneys. It’s a FAILURE to perform due diligence prior to the deal. Yes companies can lie and fudge a little but NOT this much. This is incompetence and following the Obama Rule, ones own incompetence is always to be blamed on others.
This is a distraction, folks!
HP wanted to hide the fact that their “restructuring” is going in the wrong direction with revenue lower than last year, missing analyst expectations.
This “fraud” blows that story off the front page.
I wonder what happened here...how the heck can you come up with a valuation that is 10 times reality?
This should be interesting to see how this happened.
And I would change the board. They are useless.
HP used to make the best scientific and medical test equipment. Somewhere along they line the thought making $99 printers and selling $50 ink cartridges was the way to go.
A LOT of good SOX strangulations did for us here!