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HP

SEC slaps HP with $108 MEEELION fine over bribe scandal

HP has agreed to a $108m settlement with the US Securities and Exchange Commission (SEC) to settle charges that company representatives paid off government officials in order to obtain contract deals. The SEC said that the settlement would end a case it had filed with the company alleging violations of the Foreign Corrupt …
Shaun Nichols, 09 Apr 2014

SEC asks Affiliated Computer Services to step aside, snaps on rubber glove

The Securities and Exchange Commission is probing bean counting methods used by Xerox tentacle Affiliated Computer Services. In a filing, the copier monster confirmed the SEC has been "conducting an investigation of certain accounting practices" at ACS, an outsourcing and data centre management player that Xerox forked out $6. …
Paul Kunert, 08 Oct 2013
Funnel of cash. Credit: via SXC – http://www.sxc.hu/profile/Leonardini

SEC review clears Apple of dodgy tax dealings

The US Securities and Exchange Commission has given Apple's finances a clean bill of health after a review of the company's use of an Irish subsidiary to dodge corporate taxes be more tax efficient. In May Apple's CEO Tim Cook was quizzed by a congressional committee about how it managed to pay such a relatively small amount of …
Iain Thomson, 04 Oct 2013

We'll miss SEC financials deadline, says accounts-blundering Tech Data

Tech Data has warned it will fail to report its fiscal first-quarter financial numbers to the US Securities and Exchange Commission on time due to a continuing investigation into its accounting errors. The channel biz has 45 days from the end of April to file the paperwork, but says it will sail through that deadline. The world …
Paul Kunert, 11 Jun 2013
Jim McNiel

SEC filing spills beans on Falconstor's breakup with ex-main man McNiel

A recent SEC filing has brought to light some of the details of the recent sudden departure of the CEO of standalone storage software shipper FalconStor - including the admonition that if the SEC didn't insist on the publication of the agreement, that neither party would tell all on, er, Twitter... The storage firm is living on …
Chris Mellor, 22 Jul 2013
gavel_judgment_channel

SEC bars ex-Systemax veep from director role in fraud deal

The SEC has barred former Systemax veep Gilbert Fiorentino from being a director of a PLC again after finding he "fraudulently" pocketed hundreds of thousands of dollars in compensation over five years. The disgraced exec, who had been CEO of the reseller's Technology Products Group, was put on administrative leave in April 2011 …
Paul Kunert, 18 Sep 2012
chart

SEC investigates disgraced Systemax exec

The SEC has launched an investigation into the reasons behind the departure of shamed Systemax exec Gilbert Fiorentino, the company has confirmed. CEO of the technology product group, Fiorentino was suspended from the US reseller - parent of Misco and WStore - in April after an independent probe into whistleblower allegations …
Paul Kunert, 28 Jun 2011
wall_street

Box shock stock doc clocks 250 million bucks

Box has filed its hotly anticipated initial public offering (IPO) paperwork to the US Securities and Exchange Commission (SEC). The upstart's S-1 document was published this afternoon, US West Coast time, putting in motion its stock market debut. Box, which provides online file-sharing for businesses, wants to raise $250m from …
Shaun Nichols, 24 Mar 2014

NetApp to 'realign', cut 600 jobs worldwide

NetApp has announced it will cut 600 jobs around the world, as part of a plan to adopt “... a business realignment plan designed to focus its resources on key strategic initiatives and streamline its business in light of the constrained IT spending environment.” The company announced the plan today in a form 8-K filed with the …
Simon Sharwood, 13 Mar 2014
VMware logo

Could Joe Tucci's parting shot at EMC be to SELL OFF VMware?

A sharp-eyed industry analyst has spotted that cloudy virtualisation biz VMware's SEC filings mention the words “spin-off”. What's going on here? Aaron Rakers, the MD of analyst house Stifel Nicolaus, picked up the following sentence in VMware’s November 2013 SEC Form 10-Q filing: …that for as long as EMC or its successor-in- …
Chris Mellor, 13 Jan 2014

Tech Data to close lid on accounting nightmare TOMORROW

Tech Data is about to wake up from the restatement nightmare that has troubled senior execs for nearly 11 months when it reports delayed fiscal '13 numbers tomorrow. The world's second largest tech wholesaler revealed in March that it discovered errors in vendor accounting which could wipe up to $33m off its bottom line for …
Paul Kunert, 04 Feb 2014
Microsoft campus

Ex-Microsofties face 20 years in slammer over insider trading

A former Microsoft senior manager is facing up to 20 years in jail and millions in fines and compensation over allegations he shared confidential information about the firm with his friend and business partner. The Securities and Exchange Commission (SEC) filed a complaint alleging Brian Jorgenson had handed off insider …
channel

SEC charges two with insider trading in Oracle-Sun deal

The US Securities and Exchange Commission has charged two people for running an alleged insider trading scam involving such marquee mergers and acquisitions as Oracle's Sun purchase, Intel's McAfee buy, and HP's acquisition of 3Com. According to the complaint filed on Wednesday by the SEC, the miscreants include a corporate …
channel

SEC probes whether Hurd leaked EDS buy info

The SEC has gotten on Mark Hurd's case, with an investigation that will look into whether the former HP boss passed on information about the acquisition of EDS to his nemesis, Jodie Fisher. The Wall Street Journal cites its favourite source – people familiar with the matter – to report that the inside information issue is part …
Joe Fay, 21 Dec 2010
Suitcase bulging with cash

Juniper under bribery investigation by US regulators

Packet-pusher Juniper Networks is under investigation by the Department of Justice and the Securities and Exchange Commission, it has emerged. The regulators are pursuing the company over "possible violations" of the anti-bribery US Foreign Corrupt Practices Act, the company revealed in its 10-Q filing with the SEC on Thursday …
Jack Clark, 09 Aug 2013

HP: AUTONOMY 'misrepresented' its value by $5 BILLION, calls in SEC

Hewlett-Packard dropped a bomb this morning in reporting its financial results for its fiscal 2012 year, stating that the British software company Autonomy, which it acquired a little more than a year ago, "outright misrepresented" its own value - leading to a colossal $8.8bn writedown for HP today. In a conference call ahead of …
Windows NT blue screen of death

Microsoft 'cooperates' with wide US cash-for-contracts bribery probe

Microsoft says it will cooperate with US investigators probing alleged bribery of foreign officials. It's claimed Redmond's resellers bunged cash to apparatchiks in Russia and Pakistan in return for contracts with state-backed businesses. The software giant's deputy general counsel John Frank blogged here that his company takes …
Gavin Clarke, 22 Aug 2013
Joe Tucci EMC

EMC succession: You can't Tucci this

Joe Tucci’s time at the top of the EMC tree is not up for at least another two years, maybe more. Back in 2011/2012 there was a lot of attention paid to who would succeed him at the top of the EMC tree. All that has gone away. Joe Tucci Joe "Isn't life great" Tucci Stifel Nicolaus analyst Aaron Rakers reports on EMC boss Joe …
Chris Mellor, 24 Mar 2014
management analysis3

Tech Data granted one more stay of execution by NASDAQ

The NASDAQ Panel has granted Tech Data a final extension until the end of March to get its accounts up-to-date or face an embarrassing and costly de-listing. The tanker-sized wholesaler confirmed this in a brief filing today that it had until the 27th of that month to report restated results for each quarter in fiscal '14 ending …
Paul Kunert, 09 Dec 2013
channel

Oracle's Africa dealings under FBI, SEC, DoJ investigation

Oracle is reported to be under investigation by the US authorities for breaking federal anti-bribery laws in Africa. The FBI field office in Washington, fraud prosecutors in the Justice Department's criminal division, and attorneys for the Securities and Exchange Commission (SEC) are reported to be looking into sales of Oracle …
Gavin Clarke, 31 Aug 2011

Sync'n'share firm Box secretly files for IPO

Enterprise-focused file sync'n'share outfit Box has secretly filed an IPO intention with the SEC and not shared it with anybody in advance, according to media outlet Quartz and others. Box is fighting it out with Dropbox for the lead in the enterprise file-sharing market, which is largely based on putting files in a cloud …
Chris Mellor, 03 Feb 2014
Suitcase bulging with cash

Cisco pursuing bribery investigation in FSU countries

Cisco is investigating the probity of unnamed resellers in Russia and other former Soviet Union countries, to determine whether or not it could be exposed to violations of US anti-bribery laws. The company first discussed the allegations in this December 23 blog post, which went under the radar in the lead-up to Christmas. The …
lifebelt

Overland Storage in fiendish reverse stock split share value ploy

Overland Storage, the troubled tape and low-end scale-out disk array storage vendor, is wanting to do a reverse stock split to get its share price up above the Nasdaq exit level. This is revealed in an SEC Form-8K filing by Overland. It states: "On April 3, 2014, the Board of Directors of the Company approved a one-for-five (1- …
Chris Mellor, 04 Apr 2014
channel

Now SEC piles into HP bribery probe

HP is facing a widened bribery investigation by the Department of Justice and US financial regulators, a filing with the Securities and Exchange Commission (SEC) reveals. In its quarterly filing HP said that the US Department of Justice and the SEC were both investigating allegations of dubious dealing by the ink giant in Russia …
John Oates, 10 Sep 2010

Dell feels cold probe of US Dept of Justice amid Syria PC sales claims

US authorities are investigating claims of embargo-busting sales of Dell computers to the Syrian government. It is understood officials at the US Department of Justice (DoJ) are looking into allegations that the equipment was resold into the blood-stained nation despite strict trade sanctions. The probe was revealed this week …
Gavin Clarke, 10 Dec 2013

Blundering Tech Data faces NASDAQ boot over Computer 2000 accounts

Tech Data is facing a delisting from the NASDAQ unless it can bring its financial house in order, the distributor has confirmed. The world's second largest tech wholesaler had until 26 September to file its fiscal 2013 Form 10-K - an annual report required by the SEC - and numbers for first half of this current financial year. …
Paul Kunert, 04 Oct 2013
Footing

Fusion-io posts another loss-making quarter but execs remain bullish

For flash fettlers Fusion-io's finances, it isn’t spring yet – but nor is it the bleak mid-winter. Revenues are starting to look as if they are on a solid footing with sequential growth and reduced losses. Fusion-io makes PCIe flash cards and has suffered wrenching senior management changes, including the departure of the …
Chris Mellor, 23 Jan 2014
chart

Laser boffins blast bits onto hard drive at 200Gb/sec

A team of scientists have published a new way of using heat to store data magnetically, which could increase the speed of hard drives over a hundredfold. Conventional drives use electromagnetism to selectively change the polarity of points on a drive, representing a one or a zero. But according to research published in Nature …
Iain Thomson, 08 Feb 2012

Fed watchdogs sniff around IBM's cloud revenue reporting

IBM filed its quarterly 10-Q report with the US Securities and Exchange Commission Wednesday morning, and buried in that lengthy document is a note that the Securities and Exchange Commission (SEC) has raised an eyebrow over the way IBM recognizes its revenues for cloud computing. There is not a whole lot of detail about exactly …

Foundry Networks CIO charged in $29m insider trading scam

The chief information officer of Foundry Networks, along with two other alleged perps, has been charged with both civil and criminal charges stemming from insider trading during the $3bn buyout of the company by Brocade in 2008. The Securities and Exchange Commission (SEC) civil charges state that David Riley – who has since …
Iain Thomson, 26 Mar 2013

Apple has THREE TIMES as much cash as US govt, TWICE the UK

Apple has three times as much cash on hand as The US government, and over twice as much as the UK. These figures come to us from the Bank of America's wealth-management arm, US Trust, as reported by London's Telegraph. In its most recent quarterly SEC filing, Apple reported that it had $158.8bn (£94.9bn) in cash and cash …
Rik Myslewski, 11 Apr 2014
management management1

HP clinches six week extension on whether to join shareholders' suit against Autonomy

HP has said that it has made decisions about how to proceed with a case brought by its shareholders over the $8.8bn writedown for the acquisition of Autonomy – but it wants six more weeks to mull them over. The company was given until last Friday to think about recommendations by a committee of independent directors over the …
Open Compute Frank Frankovsky

Facebook’s Open Compute papa leaves 'Friends' behind to set up optical storage firm

Facebook Open Compute guru Frank Frankovsky is leaving to found an optical storage startup focusing on cold data. Frankovsky is the man who turned Facebook into a commodity barebones box buyer of servers, which he and his team designed and made available to everybody through the Open Compute Project. The project was announced in …
Chris Mellor, 26 Mar 2014
sea_hp_sink

'HP has just days to cough what it knew about Autonomy'

HP will have to bare all in its beef with Autonomy's former management before the year is out, a former SEC advisor has suggested. Hewlett-Packard took an $8.8bn write-down last month after alleging accounting errors were made at Brit biz Autonomy in the weeks before HP acquired it for $10.7bn in 2011. In turn Autonomy co- …
Paul Kunert, 06 Dec 2012
gavel_judgment_channel

Former Systemax exec faces second probe by Feds

Former Systemax exec Carl Fiorentino, the man currently contesting charges of fraud related to his work at his former company, is the subject of a second federal probe, according to a recent US court filing. This second probe was mentioned by his legal team at Pinera-Vazquez Law Firm in its petition to move the venue of the …
Paul Kunert, 31 Oct 2013

Microsoft to execs: Please don't leave us. Here, have some shares

Microsoft will grease the palms of its most senior people with a lavish smattering of shares in a bid to prevent them following chief exec Steve Ballmer out the door. Ballmer finally handed in his notice at Microsoft in late August as the company flies low on the back of its disastrous Surface slab push and a rehashed re- …
Paul Kunert, 26 Sep 2013

'British Bill Gates' Lynch laments HP's Autonomy 'botch-up'

Mike Lynch, once billed as Britain’s Bill Gates, has lamented the handling of his former company Autonomy, saying Hewlett-Packard fumbled the acquisition. In a softball CNBC interview where he pushed his Invoke Capital venture fund, Lynch said Autonomy was the “next generation of software” until HP "dropped the ball". In …
Gavin Clarke, 16 Sep 2013

Enterprise adolescent: Salesforce.com's struggles at 15

It’s no way to celebrate a milestone birthday. Salesforce.com may claim to help 100,000 companies understand their businesses and make money, but in the week Salesforce turned 15, it emerged that the firm needs to get its own house in order. Chief financial officer Graham Smith revealed in a correspondence with the US Securities …

Tech Data shows off perky top and bottom line in fiscal '14....

If you set aside the sales contribution it slurped from acquired SDG and the positive impact of foreign currency exchange conversions, fiscal '14 was a damp squib of a year for Tech Data (TD). The box-slinging distie demon today reported a relatively strong close to the 12 months ended 31 January with group turnover up seven per …
Paul Kunert, 09 Apr 2014
Zombie cloud

What's a right pain in the ASCII for IBM? Its own leech-like hardware biz

IBM's earnings for the first quarter of the year show that the company's hardware division has turned into a leech sapping Big Blue's profits. IBM's total revenues for the quarter were $22.5bn, down four per cent on an annual basis and earnings-per-share are $2.54. This represented the eight consecutive quarter of declining …
Jack Clark, 16 Apr 2014

Beauty firm Avon sticks spike heel into $125m SAP-based sales project

Avon is writing off a massive SAP-based order management project following a failed pilot in Canada earlier this year. The cosmetics giant, famed for its door-to-door sales reps, is writing off development and future rollout of an order management system that has cost $125m and is based on SAP ERP and CRM applications with a …
Gavin Clarke, 17 Dec 2013

How much should an ethical phone cost? An extra penny? Or $4bn

As the Dodd Frank regulations about conflict minerals approach the date at which people actually have to do something about them, it's worth seeing if they're really the monstrously ghastly clusterfuck I've been predicting they will be. Much to my surprise they're not: they're worse. Previous El Reg near-annual installments of …
Tim Worstall, 25 Nov 2013

'800lb Fibre Channel gorilla' Brocade axes 300 staffers worldwide

SAN fabric leader and Ethernet networking wannabee Brocade is going to fire 300 people to cut costs as it realigns its resources towards data centres and software-defined networking. The pink slip news was slipped out in an SEC 8-K filing (PDF) on 10 September. This should take its headcount from 4,180, to 3,880. Stifel …
Chris Mellor, 11 Sep 2013
Electronic waste dump in China

Surface Pro 2: It's TOOL-PROOF and ultimately destined for LANDFILL

We knew that Microsoft's Surface Pro 2 tablets wouldn't stray too far from the original Surface Pro design - but according to the tool-and-part masters at iFixit, the new tablets are virtually identical to the old ones – meaning they're just as difficult to repair. Surface Pro 2 with docking station The Surface Pro 2 looks a …
Neil McAllister, 23 Oct 2013

Distie giant Tech Data's profits collapse amid beancounter probe

Fresh from restating P&L accounts for fiscal 11', '12 and '13, box-flinging demon distie Tech Data has released some delayed numbers for the nine months to 31 October and they make for happy reading… if you are a rival. The world's second largest tech wholesaler earlier this month published a report on the embarrassing …
Paul Kunert, 25 Feb 2014
management research

UK Serious Fraud Office queues up to probe HP's Autonomy allegations

The UK Serious Fraud Office has told The Register it is investigating allegations of accounting irregularities at Autonomy, the Brit software house gobbled by HP for $10.7bn in 2011. In November last year, Hewlett-Packard claimed Autonomy "outright misrepresented" its value in the months before its acquisition, causing HP to …
Gavin Clarke, 12 Mar 2013

NetApp exec veep hands his papers in, shuffles off to mystery startup

NetApp's executive vice president of product operations, Manish Goel, is no longer with the company. The company filed an 8-K form with the SEC saying Goel would go on September 20 after having tendered his resignation on September 9. Goel was one step down from God, as it were, reporting to CEO Tom Georgens. According to CRN …
Chris Mellor, 17 Sep 2013

Blighty's SFO 'not conflicted' on Autonomy numbers probe

Blighty's Serious Fraud Office has said that there's no conflict of interest in its criminal investigation into Autonomy, despite reports that the SFO itself uses the firm's document management tool Introspect. The SFO was called in to look into allegations from new owners HP of accounting irregularities and misrepresentations …

HP: We're axing 29,000 workers? Add another 5,000 to that

HP will lay off 5,000 more workers than the 29,000 positions earmarked for redundancy in July. The increase is mentioned in a Hewlett-Packard 10-K filing to US financial watchdog the SEC. The paperwork states on page 118: As of July 31, 2013, HP estimated that it would eliminate approximately 29,000 positions in connection with …
Chris Mellor, 31 Dec 2013
management regulation1

Systemax director Carl Fiorentino bribery trial moves to Florida

The trial of former Systemax director Carl Fiorentino has been moved from New York to Florida, where he was based when the alleged bribery offences are claimed to have occurred. Fiorentino, a one-time president of subsidiary Tiger Direct, stands accused of pocketing more than $7m in kickbacks from component suppliers in Taiwan …
Paul Kunert, 14 Jan 2014

Opinion

Chris Mellor

Drives nails forged with Red Hat iron into VCE's coffin
Sleep Cycle iOS app screenshot

Trevor Pott

Forget big-spending globo biz: it's about the consumer... and he's desperate for a nap
Steve Bennet, ex-Symantec CEO

Chris Mellor

Enormo security firm needs to get serious about acquisitions

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