HP Board Sued Over Hurd Departure
Stoobalou writes “A shareholding company launched a lawsuit against Hewlett-Packard’s board of directors earlier this week, claiming they bungled their fiduciary duties over the departure of CEO Mark Hurd. ‘The HP board put shareholders’ finances at risk by not telling them about the sexual harassment inquiry, and then later rewarded Hurd with an estimated $40 million severance package, the suit said. The board also failed to adequately police insider trading by HP executives, allowing Hurd and chief financial officer Cathie Lesjak to sell off HP stock in the midst of the inquiry, according to the suit, which was filed in California Superior Court.’”
HP is also facing increased scrutiny from the unrelated bribery probe that began earlier this year when their Moscow offices were raided.