Science & Technology
Science and Technology
Science and Technology
Mon, September 26, 2011
Sat, September 24, 2011
Fri, September 23, 2011
Thu, September 22, 2011
Hagens Berman Continues Investigation of Hewlett-Packard Following Recent Reports
SAN FRANCISCO--([ BUSINESS WIRE ])--Securities law firm Hagens Berman is continuing its investigation of the Hewlett-Packard Company (NYSE: HPQ) (aHPa) following reports that the companya™s board has replaced CEO Leo Apotheker and has let go over 500 employees from the Palm Global Business Unit.
"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 March 14, 2011, Mr. Apotheker said, 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 Berman is investigating whether and when the HP executive team began internal deliberations concerning their commitment to the home PC business, as well as its plans for WebOS devices, following the companya™s August 18, 2011, announcement that it would end production of WebOS devices and attempt to spin off its personal computer division.
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 Apotheker and 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.
According to media reports, Meg Whitman, former head at Ebay, has replaced Apotheker as CEO. Reports also suggest that HPa™s head of investor relations, Steve Fieler, will leave, and chief communications officer, Bill Wohl, has been put on aspecial assignment.a
aWe question whether Steve and Bill are being made scapegoats for deliberately misleading internal communication by the executive team,a said Partner Reed R. Kathrein, who is leading the firma™s investigation. aWe have seen it before. Decisions like this are not made overnight. We suspect we will learn that the HP executive team was putting on a poker face, when in reality it knew the WebOS hardware and personal computer businesses were in jeopardy.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.
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 ].
