Seems like HP’s former CEO Mark Hurd’s troubles are far from over. He must face more hurdles as the year ends. This time the U.S. Securities and Exchange Commission has started an investigation into his resignation. It is reported that the SEC is particularly probing the validity of the accusation against Hurd of leaking information about a potential acquisition of Electronic Data Systems Corp. to a contractor. HP, for its part, has vowed to cooperate with the investigation. Bloomberg reports Hurd’s stance about the issue as follows:
“Mark acted properly in all respects,” said Glenn Bunting, a spokesman for Hurd. “It is understandable that the SEC is looking into the events surrounding Mark’s departure, which was followed by a precipitous drop in the value of HP’s stock.”
This soap opera like story started in early August, when Jodie Fisher, a contractor with HP, came with allegations against the then HP CEO Mark Hurd. This was followed by a much publicized resignation by Hurd.
SiliconANGLE founder John Furrier recollects the twists and turns of the tale here. And just when we thought that the dust had settled, we were wrong. Hewlett-Packard shareholders sued the company accusing them of mishandling the issue. You can read our coverage here. The dropping share value of HP in various stock markets give more reason for this investigation.
Whatever the end results, this whole ordeal poses some serious questions on the role and control span of everyday average shareholders in large corporations.
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