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This excerpt taken from the HPQ 10-Q filed Mar 9, 2007. Mercury Interactive
Corporation Proceedings. In November 2006, HP
completed its acquisition of Mercury. Upon completion of the acquisition, HP
assumed oversight for all litigation and regulatory matters pending or subsequently
commenced against Mercury. Prior to the
announcement of the acquisition, and beginning on our about August 19, 2005,
four securities class action lawsuits were filed (all of which have since been
consolidated into a single lawsuit) seeking unspecified monetary damages and
other relief from Mercury and certain of its officers and directors for alleged
violations of the federal securities laws.
In addition, on February 26, 2007, HP
received a request from the Permanent Subcommittee on Investigations of the
U.S. Senate Committee on Homeland Security and Governmental Affairs for
information relating to Mercury’s past executive compensation and stock option
granting policies and procedures, including information about the practice of
backdating the grant date of options that allegedly occurred before HP acquired
Mercury. The cost of defending such
litigation and responding to the Senate inquiry may be significant. In addition, if we enter into settlement agreements
or are subject to adverse findings in connection with such litigation, we could
be required to pay substantial amounts in damages.
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