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COMPLAINT I 1 G 1 TABLE OF CONTENTS Page 2 I. INTRODUCTION. 1 3 II. NATURE OF THE ACTION. 6 4 III. JURISDICTION AND VENUE.. 10 5 III. THE PARTIES. 11 6 A. The Plaintiff. 11 7 B. The Nominal Defendant. 11 8 C. The Individual Defendants. 11 9 D. The Bank Defendants.. 14 10 E. The Auditor Defendant. 15 11 F. Unnamed Participants. 15 12 IV. STATEMENT OF FACTS. 16 13 A. A Brief History of the Hewlett-Packard Company. 16 14 B. Mark Hurd Rejects Autonomy Acquisition. 17 15 C. HP’s Recent History of Bad Deals and Failures.. 18 16 D. Road to Autonomy: Léo Apotheker Becomes New CEO.. 20 17 E. HP Acquires Autonomy.. 23 18 1. August 18, 2011: HP Announces Autonomy Acquisition.. 23 19 2. September 13, 2011: HP Hypes The Value of the Transformative 20 Autonomy IDOL Technology in Order to Finalize the Autonomy Acquisition. 28 21 3. September 22, 2011: CEO Léo Apotheker Forced Out of HP; New 22 CEO Meg Whitman Continues to Praise the Autonomy IDOL Technology. 30 23 F. HP Ignored Serious Concerns About The Propriety of the Autonomy 24 Acquisition For $11.7 Billion.. 30 25 1. HP’s Chief Financial Officer Warned HP Against the Autonomy Acquisition. 30 26 2. HP Knew About Multiple Reports of Improprieties at Autonomy 27 and Multiple Red Flags About Autonomy. 31 28 3. Analysts Warned of Autonomy’s Outdated Technology.. 34 DERIVATIVE COMPLAINT i 1 G. Multiple Companies Refuse to Acquire Autonomy Because It Was OverPriced.. 36 2 1. Oracle Warns HP of Autonomy’s Overvaluation. 36 3 2. Dell Rejects Autonomy Acquisition Proposal Because It Was 4 “Overwhelmingly Obvious” that Autonomy Was Overpriced. 39 5 3. HP’s Former CEO Mark Hurd Rejected Autonomy As Being Overvalued. 39 6 H. HP Knew of Problems at Autonomy That Warranted Additional Due 7 Diligence. 40 8 I. HP’s Financial Advisors Barclays and Perella Failed To Perform Due Diligence. 41 9 J. HP’s Auditor KPMG Failed to Adequately Audit the Work of Autonomy’s 10 Outside Auditor Deloitte Touche. 43 11 K. HP Significantly Overpaid for Autonomy Which Dramatically and Negatively Impacted HP’s Financial Statements. 46 12 L. HP Mishandles the Autonomy Acquisition: Hands the Keys Over to 13 Autonomy.. 48 14 M. HP Discover Vienna: IDOL 10 Integrated Next Generation Platform is the Centerpiece of HP’s Product Launch.. 51 15 N. HP Continues to Tout Autonomy Acquisition After HP Discover Vienna. 57 16 O. Whistleblower Informs HP of Accounting Irregularities With Autonomy. 59 17 P. HP Discover Las Vegas: HP Continues to Tout Availability Of Integrated HP 18 Next Generation Information Platform IDOL 10 Autonomy/Vertica.. 62 19 Q. HP Issues False and Misleading Financial Statements on Forms 10-Q and 10-K. 64 20 R. HP Controls the Release of Information to Conceal the Truth About 21 Autonomy.. 68 22 S. HP Announces Bad Full Year 2012 Financial Results and Announces $8.8 Billion Write-down on Autonomy Acquisition: Blames $5 Billion on Fraud 23 at Autonomy. 70 24 T. Mike Lynch Challenges HP’s Assertion That the $8.8 Billion Write-down is Related to Accounting Irregularities at Autonomy. 72 25 U. HP’s Officers and Directors Adamantly Deny All Responsibility for the 26 Autonomy Acquisition Debacle. It is Obvious They Cannot Evaluate Their Own Misconduct. 76 27 V. Analysts Doubt That An $8.8 Billion Write-Down Can Be Blamed on 28 Autonomy’s Accounting Improprieties.. 78 DERIVATIVE COMPLAINT ii 1 W. HP’s Sarbanes-Oxley Violations. 79 2 X. HP’s Misrepresentations Continue Today. 80 3 V. RESPONSIBILITIES OF CORPORATE OFFICERS AND DIRECTORS. 82 4 VI. DEMAND ALLEGATIONS. 87 5 MARGARET C. WHITMAN. 97 6 RAYMOND J. LANE.. 97 7 MARC L. ANDREESEN. 99 8 SHUMEET BANERJI. 99 9 RAJIV L. GUPTA.. 100 10 JOHN H. HAMMERGREN. 101 11 ANN M. LIVERMORE. 101 12 GARY M. REINER. 102 13 PATRICIA F. RUSSO. 103 14 G. KENNEDY THOMPSON. 103 15 RALPH V. WHITWORTH. 104 16 VII. CAUSES OF ACTION. 105 17 FIRST CLAIM FOR RELIEF VIOLATION OF § 10(b) AND RULE 10b-5 OF THE SECURITIES 18 EXCHANGE ACT FILING FALSE AND MISLEADING FINANCIAL STATEMENTS 19 AGAINST THE HP INDIVIDUAL DEFENDANTS. 105 20 SECOND CLAIM FOR RELIEF VIOLATION OF § 20(a) OF THE SECURITIES EXCHANGE ACT 21 CONTROL PERSON - FILING FALSE AND MISLEADING FINANCIAL STATEMENTS 22 AGAINST THE HP INDIVIDUAL DEFENDANTS. 107 23 THIRD CLAIM FOR RELIEF BREACH OF FIDUCIARY DUTY 24 AGAINST THE HP INDIVIDUAL DEFENDANTS. 108 25 FOURTH CLAIM FOR RELIEF ABUSE OF CONTROL 26 AGAINST THE HP INDIVIDUAL DEFENDANTS. 110 27 FIFTH CLAIM FOR RELIEF CORPORATE WASTE 28 AGAINST THE HP INDIVIDUAL DEFENDANTS. 111 DERIVATIVE COMPLAINT iii 1 SIXTH CLAIM FOR RELIEF UNJUST ENRICHMENT 2 AGAINST THE HP INDIVIDUAL DEFENDANTS. 112 3 SEVENTH CLAIM FOR RELIEF AIDING AND ABETTING A BREACH OF FIDUCIARY DUTY 4 AGAINST KPMG, BARCLAYS, PERELLA WEINBERG PARTNERS LP.. 112 5 EIGHTH CLAIM FOR RELIEF 6 NEGLIGENCE AGAINST KPMG, BARCLAYS, PERELLA WEINBERG 7 PARTNERS LP.. 114 8 PRAYER FOR RELIEF. 116 9 JURY TRIAL DEMAND.. 117 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 DERIVATIVE COMPLAINT iv 1 Plaintiff Stanley Morrical (“Plaintiff”), derivatively on behalf of the Hewlett-Packard 2 Company (“HP”) alleges the following based upon the investigation of Plaintiff and his counsel, 3 including a review of legal and regulatory filings, press releases and media reports about HP. 4 Plaintiff brings claims against Defendants Margaret C. Whitman (“Whitman” or “Meg 5 Whitman”), Léo Apotheker (“Apotheker”), Raymond J. Lane (“Lane”), Marc L. Andreesen 6 (“Andreesen”), Shumeet Banerji (“Banerji”), Rajiv L. Gupta (“Gupta”), John H. Hammergren 7 (“Hammergren”), Ann M. Livermore (“Livermore”), Gary M. Reiner (“Reiner”), Patricia F. 8 Russo (“Russo”), G. Kennedy Thompson (“Thompson”),, Ralph V. Whitworth (“Whitworth”), 9 Lawrence T. Babbio, Jr. (“Babbio”), Sari M. Baldauf (“Baldauf”), Dominique Senequier 10 (“Senequier”) (hereinafter referred to collectively as the “Individual Defendants’), Barclays 11 Investment Bank (“Barclays”), Perella Weinberg Partners LP (“Perella”) and KPMG LLP 12 (“KPMG”), for violations of California and federal law. 13 I. 14 INTRODUCTION 15 “We did that analysis at great length, in great detail, and we feel that we paid a very fair price for Autonomy. And it will give a great return to our 16 shareholders.” 17 - Léo Apotheker, Former CEO of Hewlett-Packard Company September 13, 2011 18 19 1. On August 18, 2011, HP announced it was spending $11.7 billion to acquire 20 Autonomy, a British enterprise software company. This acquisition would consume the majority 21 of HP’s available cash. The acquisition closed on October 3, 2011. 22 2. On November 29,.
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