Feb 11, 2013 11:45 AM by Lauren Molenburg

UK watchdog launches investigation into Autonomy

LONDON (AP) - Britain's accounting watchdog says it is investigating the books of British business software maker Autonomy Corporation in the period before it was bought by Hewlett-Packard Co. in 2011.

In a brief statement Monday, the Financial Reporting Council said it had launched an investigation "into the published financial reporting of Autonomy for the period between 1 January 2009 and 30 June 2011."

The council has the power to impose fines and other sanctions.

HP bought Autonomy for $10 billion in 2011, but later alleged it had been misled into paying a price 64 percent above the firm's market value. In November, HP took an $8.8 billion write-down for the Autonomy acquisition, with more than $5bn of that due to alleged "accounting improprieties".

Former Autonomy CEO Mike Lynch has denied HP's allegations.

(Copyright 2013 The Associated Press. All rights reserved.)


More News

Most Popular

Top Videos

1 2 3 4