HPQ.US
id: 601
HP Investors $10.5M Settlement
N.D. California
Court3:20-cv-01260-SI
Case number02/23/2017
Class period Start10/03/2019
Class period End08/14/2023
Claim deadlineHP agreed to settle $10.5 million with investors.
The claims arose from Defendants' misrepresentations and omissions regarding HP's Supplies business strategy's fundamental changes, known as the "four-box model." The Company had been measuring its Supplies business using this model for several years.
Throughout the Class Period, Defendants allegedly falsely emphasized the four-box model's accuracy and reliability in determining demand and revenue in the Supplies business. They reassured investors that HP had a "clear line of sight to supply stabilization" based on the model. Defendants allegedly made false and misleading statements to investors about the four-box model's reliability and the Supplies business's revenue growth. They touted their "continued confidence in the predictive value of the four-box model" and stated that the Company's "Supplies revenue is in line with the expectations that we set, and that our 4-box model continues to drive predictability."
As a result of Defendants' alleged misrepresentations, HP's common stock shares traded at artificially inflated prices during the Class Period.
Case Status
Disbursement
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
02/19/2020
Plaintiffs
Employees’ Retirement System of Rhode Island, Iron Workers Local 580 Joint Funds
Attorneys
Bernstein Litowitz Berger & Grossmann LLP (Los Angeles, CA), Kessler Topaz Meltzer & Check, LLP (San Francisco, CA)
Defendants
Dion J. Weisler, Catherine A. Lesjak, Steven J. Fieler, Enrique Lores
Judge
Hon. Susan Illston
Administrator
A.B. Data Ltd
Court hearing date
07/28/2023
Exclusion deadline
07/07/2023
Objection deadline
07/07/2023
Trades matching type
FIFO
+$10,500,000
Cash Settlement Amount