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Hewlett Packard sued by Shareholders

It has been a rough year for Hewlett Packard, with major decisions announced in recent months. Firstly they ditched WebOS support and killed the TouchPad, following up with a shock announcement that they were considering a spinoff of the PC market. They also bought British software company Autonomy Corp for a staggering $12 billion.

Shares of the company dropped 20 percent afterwards, marking the single biggest day drop in history, since the Black Monday stock market collapse of 1987.

Shareholder Richard Gammel has accused the company of concealing facts and has filed a class action lawsuit this week. It was filed in the U.S. District Court by Robbins Geller Rudman & Down. It accuses HP executives of misleading investors by making positive statements about the company performance that later proved unfounded.

Reuters say “The lawsuit seeks to recover unspecified damages on behalf of any who bought into HP between November 22, 2010, and Aug 18 of this year, arguing that the lack of disclosure about potential issues means its shares were artificially inflated.

HP did not respond to requests for comment.”

Kitguru says: We will follow up with updated information as it happens.

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