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Criminal investigation into Hewlett-Packard vote

OUT-LAW News, 16/04/2002

The US Attorney’s Office for the Southern District of New York is reported to be investigating alleged irregularities in the recent vote by shareholders of Hewlett-Packard on the company’s proposed $19 billion acquisition of Compaq.

HP told reporters that it has been asked to disclose documents on voting by Deutsche Bank and Northern Trust, two of its major investors. The voting is also being investigated by the San Francisco office of the Securities and Exchange Commission.

In a civil lawsuit filed in a Delaware court, HP dissident Walter Hewlett accuses the company of effectively buying the votes of Deutsche Bank. His lawsuit, which will go to trial on 23rd April, seeks to invalidate the vote. HP’s management has already declared an unofficial victory in the vote although the official results have not been revealed.

 

 

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