HP Settles SEC Investigation Into Disclosure of Former Director's Resignation
Press release from the issuing company
May 23, 2007 -- PALO ALTO, Calif.-- HP today announced that it has settled the U.S. Securities and Exchange Commission's investigation regarding the company's disclosure of Tom Perkins' resignation from its board of directors in May 2006.
HP agreed, without admitting or denying the SEC's findings, to the entry of a cease-and-desist order by the SEC. In the order, the SEC concludes that HP should not have limited its disclosure to the fact that Perkins had resigned, as it did, but also should have reported that he resigned because of a disagreement with the company's operations, policies or practices and provided a brief description of the circumstances around the disagreement.
The SEC imposed no monetary or other penalty in connection with the settlement.
"HP acted in what it believed to be a proper manner," said Michael Holston, executive vice president and general counsel, HP. "However, we understand and accept the SEC's views and are pleased to put this investigation behind us."
The order requires HP to cease and desist from committing or causing any violations of the public reporting requirements of the Securities Exchange Act of 1934.
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