Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Hewlett-Packard Co. during the period between November 22, 2010 and August 18, 2011, inclusive (the "Class Period”).
If you have suffered a net loss for all transactions in HP common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 14, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose during the Class Period, contrary to its disclosure that webOS was going to play an integral role in the Company’s strategy going forward, including running on HP’s new TouchPad tablet PC as well as on all of the Company’s PCs by 2012, that webOS, the TouchPad and the PC business were not central to HP’s business model and webOS would not be integrated across the Company’s entire product line, that TouchPad hardware was inefficient, limiting the degree of effectiveness of the webOS operating system, and that HP’s business model was not working because the Company was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner.
According to the complaint, after, on August 18, 2011, HP announced disappointing third quarter fiscal 2011 financial results and lowered guidance for fiscal year 2011, and after HP announced several major shifts in its long-term business model, including that it "will discontinue operations for webOS devices, specifically the TouchPad and webOS phones,” the value of HP shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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