On May 2, 2014, a proposed $57 million settlement for the benefit of investors in Hewlett-Packard Company (HP) received preliminary court approval.
The proposed settlement follows a class action against HP and certain of its senior officers regarding their repeated statements that the company had invested in, and currently possessed, the technological and operational capability to expand its emerging webOS “mini-ecosystem” (consisting of the TouchPad and two smartphones) to a full-fledged ecosystem of hundreds of millions of “seamlessly” connected webOS-enabled PCs and printers, all within the short timeframe of less than two years. Such statements encouraged many investors to purchase HP stock during the settlement class period – which runs from Nov. 22, 2010 to and through Aug.18, 2011.
“We are pleased to have achieved this proposed settlement on behalf of Hewlett-Packard shareholders,” says Motley Rice securities fraud attorney Gregg Levin. Motley Rice serves as Co-Lead Counsel in the case.
Investors who purchased or otherwise acquired shares of HP publicly traded common stock in the open market during the period from Nov. 22, 2010 to and through Aug. 18, 2011, may be eligible to recover from the settlement by submitting a Proof of Claim with supporting documentation by Sept. 16, 2014. Investors should consult the Notice of Settlement, Stipulation of Settlement, and Proof of Claim Form. For more information, contact securities attorney Gregg Levin.
A final hearing on the proposed settlement will be held on Sept. 15, 2014 before the Honorable Andrew J. Guilford in Santa Ana, Calif.
The Lead Plaintiffs serving in the case are Arkansas Teacher Retirement System, Union Asset Management Holding AG, Labourers' Pension Fund of Central and Eastern Canada, and the LIUNA National (Industrial) Pension Fund and LIUNA Staff & Affiliates Pension Fund.
*Prior results do not guarantee a similar outcome.