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HPQ.US
id: 601

HP Investors $10.5M Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
N.D. California
Court
3:20-cv-01260-SI
Case number
23 Feb 2017
Class period Start
03 Oct 2019
Class period End
14 Aug 2023
Claim deadline
HP agreed to settle $10.5 million with investors.

The claims arose from Defendants' misrepresentations and omissions regarding HP's Supplies business strategy's fundamental changes, known as the "four-box model." The Company had been measuring its Supplies business using this model for several years.

Throughout the Class Period, Defendants allegedly falsely emphasized the four-box model's accuracy and reliability in determining demand and revenue in the Supplies business. They reassured investors that HP had a "clear line of sight to supply stabilization" based on the model. Defendants allegedly made false and misleading statements to investors about the four-box model's reliability and the Supplies business's revenue growth. They touted their "continued confidence in the predictive value of the four-box model" and stated that the Company's "Supplies revenue is in line with the expectations that we set, and that our 4-box model continues to drive predictability."
As a result of Defendants' alleged misrepresentations, HP's common stock shares traded at artificially inflated prices during the Class Period.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
19 February 2020
Plaintiffs
Employees’ Retirement System of Rhode Island, Iron Workers Local 580 Joint Funds
Attorneys
Bernstein Litowitz Berger & Grossmann LLP (Los Angeles, CA), Kessler Topaz Meltzer & Check, LLP (San Francisco, CA)
Defendants
Dion J. Weisler, Catherine A. Lesjak, Steven J. Fieler, Enrique Lores
Judge
Hon. Susan Illston
Administrator
A.B. Data Ltd
Court hearing date
28 July 2023
Exclusion deadline
07 July 2023
Objection deadline
07 July 2023
+$10,500,000
Cash Settlement Amount

HP Inc

HP Inc. provides personal computing and other digital access devices, imaging and printing products, and related technologies, solutions, and services in the United States and internationally. The ...

    Ticker
    HPQ.US
    ISIN
    US40434L1052
    CIK
    47217
    Sector
    Technology
    Industry
    Computer Hardware
    Country
    USA
    Address
    1501 Page Mill Road, Palo Alto, CA, United States, 94304