Thursday, May 24, 2007

H-P Reaches Settlement with SEC

Yesterday, Hewlett-Packard reached a settlement with the Securities and Exchange Commission about the company's improper handling of the resignation of H-P's board member Thomas Perkins in May 2006. Perkins had quit when he learned about the methods H-P was using to uncover how leaks about the company were being made. In its filings with the SEC, H-P failed to mention the reasons Perkins had given for his departure.

Perkins later worked to get H-P to acknowledge why he had left. The situation led to the pretexting scandal erupting at H-P that led to Congressional hearings and the stepping down of former Board Chair Patricia Dunn.

No fine was levied in the SEC settled. H-P was not required to admit guilt. The company agreed not to exclude such information in the future.

The Associated Press report of the SEC sanctions is at HP settles charges over resignation.

You can read my earlier posts on the H-P pretexting scandal at The Right Thing: HEWLETT-PACKARD REDUX AND APPLE BACKDATING, The Right Thing: HEWLETT-PACKARD'S LEAKS, The Right Thing: MALDEN MILLS, HEWLETT PACKARD UPDATES, and The Right Thing: CHARGES DROPPED AGAINST H-P'S DUNN. And you can listen to an interview I did with NPR's "Here and Now" on the topic at Here and Now : Prosecutors Press Charges in Hewlett-Packard Case ....

There is still a federal criminal investigation into the H-P pretexting issue that continues.

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