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HPQ.US
id: 601, Created by Stan Vick Chase, Scout
HP Investors $10.5M Settlement
Pending settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
- No credit-card required
23 February 2017
Class period Start03 October 2019
Class period End14 August 2023
Claim deadlineHow it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
- No credit-card required
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
Case number
3:20-cv-01260-SI
Filing date
19 February 2020
Lead plaintiff
Employees’ Retirement System of Rhode Island, Iron Workers Local 580 Joint Funds
Attorney
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
Court
Northern District of California
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
Total Settlement Amount