HP FACES STOCK OPTION INVESTIGATION

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HP FACES STOCK OPTION INVESTIGATION

 user 2007-03-13 at 10:44:00 am Views: 57
  • #17433

    HP faces stock option investigation
    March,
    2007 In news which may be of interest to users of HP printer cartridges
    and HP laser toner cartridges, HP is facing a stock option
    investigation following its acquisition of Mercury Interactive
    Corporation.The US senate investigation follows allegations that
    Mercury mishandled stock options prior to its acquisition by HP; at the
    time of HP announcing its purchase last July, stock options problems
    were already known.A request was received by HP from a division of the
    US senate committee on homeland security and governmental affairs on
    February 26th.”It is our understanding that they are interested in
    allegations that certain former Mercury officers and directors knew
    about and/or benefited from the practice of backdating options,” said
    Ryan Donovan, a spokesman for HP.In related HP news, which may be of
    interest to users of HP A4 superior laser paper and HP A4 photo gloss
    laser paper, in 2006 the firm paid $14.5 million (£7.4 million) to
    resolve a civil grievance relating to unfair business practices.

    HP Says Senate Seeks Options Details
    SAN
    FRANCISCO (March 07) – Hewlett-Packard Co. said on Friday that a U.S.
    Senate subcommittee has asked it for information on stock-option grants
    to executives of Mercury Interactive Corp., which HP acquired last
    year.HP said it received a request on February 26 from a subcommittee
    of the Senate Committee on Homeland Security and Governmental Affairs
    seeking details of Mercury’s past executive compensation and stock
    option granting policies and procedures, the computer and printer maker
    said in a regulatory filing.HP of Palo Alto, California, said it is
    preparing to respond to the subcommittee’s request and intends to
    cooperate. The company made the disclosure in its quarterly financial
    report with the U.S. Securities and Exchange Commission.HP in November
    acquired Mercury Interactive, a business software maker, for about $4.5
    billion in stock, its biggest acquisition since the $19 billion
    purchase of Compaq in 2002.Mercury is among more than 150 companies
    involved in internal or federal regulatory or criminal investigations
    of past stock option grants that may have been manipulated to give
    executives instant paper gains.