Hagens Berman Investigates Hewlett Packard
September 16, 2011 07:32 PM Eastern Daylight Time
SAN FRANCISCO--(EON: Enhanced Online News)--Securities law firm Hagens Berman Sobol Shapiro LLP
today announced that it is investigating the Hewlett-Packard Company (NYSE: HPQ) (“HP”) for possible false and
materially misleading statements to investors relating to its allegedly optimistic plans for and commitment to its
Personal Services Group (PSG) and WebOS devices.
On August 18, 2011, HP announced that it would end production of WebOS devices, including its HP Touchpad
A class-action lawsuit has been filed on behalf of investors who purchased HP common stock between November
22, 2010, and August 18, 2011. The filed complaint alleges that HP Chief Executive Leo Apotheker and its Chief
Financial Officer Catherine Lesjak made false and misleading statements to investors by presenting WebOS and the
PC business as central pieces of HP’s business model.
On March 14, 2011, Mr. Apotheker said at a press conference that “The Touchpad will come out in June and from
that day onwards there will be wave after wave of technology coming out to support the WebOS platform.” On June
2, 2011, Mr. Apotheker said at a conference that “WebOS is ready for prime time” and that “We are all about
Hagens Berman’s investigation centers on whether and when HP management began internal deliberations
concerning their commitment to the home PC business, as well as its plans for WebOS and the tablet or phone
devices on which they would run.
“One research firm has suggested that HP senior leadership never really believed its own story and was passing out
the Kool-Aid while secretly drinking iced tea,” said Partner Reed R. Kathrein, who is leading the firm’s investigation.
“We are trying to learn when HP executives realized they were passing out Kool-Aid.”
Individuals with direct non-public information that may help advance the investigation are encouraged to contact the
firm by calling Mr. Kathrein at 510-725-3000 or by email at HPQ@hbsslaw.com. More information is available at
The SEC recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank
Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to
reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP is a class-action law firm with offices in 10 cities. The firm
represents whistleblowers, investors, workers and consumers in complex litigation. More about the law firm and its
successes can be found at www.hbsslaw.com. The firm’s securities law blog is at www.meaningfuldisclosure.com.
Firmani + Associates Inc.
Mark Firmani, 206-443-9357
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