HP Takes $8.8B Hit

Autonomy’s been a very naughty software company. Hewlett-Packard announced that it was forced to take an $8.8 billion charge because of Autonomy’s “accounting improprieties,” “outright misrepresentations,” and a “willful effort to mislead” investors and buyers. HP, led by Leo Apothekar, bought the British software company for $10 billion in 2011. It’s a massive setback for HP and erases profit made on the deal. Shares fell 12 percent in early trading.