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Cambridge software firm under fire

Bosses at computer giant HP took a £5.5bn hit after accusing former staff at a Cambridge software company it bought last year of misleading investors.

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Hewlett-Packard still committed to Autonomy

Hewlett-Packard says it remains committed to Autonomy despite claims it had been mislead by former staff at the Cambridge software firm.

In a statement, HP said it was "extremely disappointed" by the findings of its internal investigation.

It added actions of former staff:

appear to have been a wilful effort to mislead investors and potential buyers, and severely impacted HP management's ability to fairly value Autonomy at the time of the deal

We remain 100% committed to Autonomy and its industry-leading technology.

– Hewlett-Packard statement

After the PwC investigation, HP now believes that Autonomy was "substantially overvalued" at the time of its acquisition due to the mis-statement of Autonomy's financial performance.

HP has referred the matter to the Serious Fraud Office, US Securities and Exchange Commission's Enforcement Division and is preparing to seek compensation against various parties.

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