HP Takes $8.8 Billion Charge For ‘Accounting Improprieties’

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Hewlett-Packard announced on Tuesday that it will take an $8.8 billion charge to make up for an accounting error in its 2011 purchase of a company, the Associated Press reports.

The accounting mishap stems from HP’s acquisition of the British company Autonomy Corporation PLC last year. HP is accusing Autonomy, which was purchased by the Silicon Valley giant for $10 billion, of “serious accounting improprieties, disclosure failures and outright misrepresentations” but stopped short of labeling it fraud.

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