HP and SEC Settle Pretexting Scandal
May 25, 2007 12:26 AM
comment(s) - last by
Both HP and the U.S. SEC are glad to officially close the door on the pretexting scandal
In an attempt to finally move past
last year's pretexting scandal
, Hewlett-Packard recently announced that it settled with the United States Securities and Exchange Commission. The SEC opened an investigation into HP activities about how the company disclosed the resignation of Tom Perkins from the HP board in May 2006. According to the SEC, HP should have fully disclosed Perkins left the company due to his objection of certain boardroom practices.
"HP acted in what it believed to be a proper manner. However, we understand and accept the SEC's views and are pleased to put this investigation behind us," said Michael Holston, HP executive vice president.
The cease-and-desist order from the SEC will allow the company to
move on without officially admitting any wrongdoing
The SEC did not penalize HP with a monetary fine or other form of punishment. According to Marc Fagel, associate regional director for the San Francisco SEC office, HP wasn't punished because, "It was a new rule and [HP] relied on their attorneys."
Fallout from the scandal included the abrupt resignation of Perkins, and indictments on chairwoman Patricia Dunn, a company attorney and two others. The felony charges were
eventually dropped against Dunn, and the others
made plea bargains
with the prosecution.
In an e-mail made to the press, Perkins admitted he is happy the "HP boardroom drama is now satisfactorily concluded."
This article is over a month old, voting and posting comments is disabled
Just one post?
5/27/2007 11:12:24 AM
Ouch. Doesn't anyone care about this stuff? It looks like the SEC and every other applicable regulatory body is really letting them off lightly. If someone did the same set of tactics to Dunn's personal records like she did with the board members, and she found out, I think she'd bitch about it and whoever did it to her would actually get prison time.
"I modded down, down, down, and the flames went higher." -- Sven Olsen
Charges Dropped Against Former HP Chief Dunn
March 14, 2007, 2:03 PM
California Offers Deal in HP Spying Case
January 18, 2007, 1:46 PM
California Attorney General Charges HP Insiders in Spy Probe
October 5, 2006, 1:22 AM
Google's Gleaming Glass HQ Gets Mountain View Snub, LinkedIn Gets the Love
May 7, 2015, 6:58 AM
Tech's Tax Day Fortunate Few: Qualcomm, Xerox, GE, et al. Pay Little or No Taxes
April 15, 2015, 11:30 AM
LinkNYC Terminals to Blanket New York City With Free WiFi, Free Calls, and Ads
November 17, 2014, 6:50 PM
Microsoft is Open-Sourcing Most of .NET, Adding OS X and Linux Support
November 12, 2014, 8:27 PM
Home Depot Lost 53 Million Emails, Blames Windows, Buys Execs New Macs
November 9, 2014, 5:00 PM
Former NSA Lawyer: If Google, Apple Encrypt User Data, They’ll Wither on the Vine Like Blackberry
November 6, 2014, 12:15 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information