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Hagens Berman Investigates Hewlett Packard

^{Published on 2011-09-16 16:37:56 - Market Wire}
 

SAN FRANCISCO--([ BUSINESS WIRE ])--Securities law firm Hagens Berman Sobol Shapiro LLP today announced that it is investigating the Hewlett-Packard Company (NYSE: HPQ) (aHPa) for possible false and materially misleading statements to investors relating to its allegedly optimistic plans for and commitment to its Personal Services Group (PSG) and WebOS devices.

"The Touchpad will come out in June and from that day onwards there will be wave after wave of technology coming out to support the WebOS platform."

On August 18, 2011, HP announced that it would end production of WebOS devices, including its HP Touchpad tablet.

A class-action lawsuit has been filed on behalf of investors who purchased HP common stock between November 22, 2010, and August 18, 2011. The filed complaint alleges that HP Chief Executive Leo Apotheker and its Chief Financial Officer Catherine Lesjak made false and misleading statements to investors by presenting WebOS and the PC business as central pieces of HPa™s business model.

On March 14, 2011, Mr. Apotheker said at a press conference that aThe Touchpad will come out in June and from that day onwards there will be wave after wave of technology coming out to support the WebOS platform.a On June 2, 2011, Mr. Apotheker said at a conference that aWebOS is ready for prime timea and that aWe are all about WebOS.a

Hagens Bermana™s investigation centers on whether and when HP management began internal deliberations concerning their commitment to the home PC business, as well as its plans for WebOS and the tablet or phone devices on which they would run.

aOne research firm has suggested that HP senior leadership never really believed its own story and was passing out the Kool-Aid while secretly drinking iced tea,a said Partner Reed R. Kathrein, who is leading the firma™s investigation. aWe are trying to learn when HP executives realized they were passing out Kool-Aid.a

Individuals with direct non-public information that may help advance the investigation are encouraged to contact the firm by calling Mr. Kathrein at 510-725-3000 or by email at [ HPQ@hbsslaw.com ]. More information is available at [ www.hbsslaw.com/HPQ ].

The SEC recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.

[ About Hagens Berman ]

Seattle-based Hagens Berman Sobol Shapiro LLP is a class-action law firm with offices in 10 cities. The firm represents whistleblowers, investors, workers and consumers in complex litigation. More about the law firm and its successes can be found at [ www.hbsslaw.com ]. The firma™s securities law blog is at [ www.meaningfuldisclosure.com ].