New HP scandal stuns market

San Francisco/New York: Hewlett-Packard Co stunned Wall Street by alleging a massive accounting scandal at its British software unit Autonomy and taking an $8.8 billion (Dh32.3 billion) writedown, the latest in a string of reversals that renewed questions about the competence of the storied company’s board and senior managers. HP said on Tuesday it discovered “serious accounting improprieties” and “a willful effort by Autonomy to mislead shareholders,” after a whistleblower came forward following the May ouster of former Autonomy Chief Executive Mike Lynch. The news sent the company’s shares plunging 12 per cent to a 10-year low of $11.71. HP, which for decades was synonymous with technical...