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Technology Stocks : HWP -- Hewlett Packard
HPQ 27.01-2.4%9:30 AM EST
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To: Dave B who wrote (4627)4/30/2002 6:07:08 PM
From: Dave B  Read Replies (1) of 4722
 
=DJ Hewlett Suit -4: Co Merger Comments Were `True' - Judge



In his opinion, handed down Tuesday afternoon, Judge Chandler said the plaintiff's argument that H-P knowingly misrepresented material facts about integration in an effort to persuade shareholders to vote in favor of the merger was "without merit."

The Hewlett parties were hoping internal reports generated by H-P in February and March would show the company would miss certain cost synergy and revenue targets, even though CEO Fiorina was saying publicly the integration efforts were going as planned. The lawsuit also charged the company with withholding certain financial information from shareholders and board members.

"The plaintiffs have been unable to prove that H-P misrepresented or omitted material facts about integration in the proxy contest," Judge Chandler wrote in his decision.

"Instead, the evidence demonstrates that H-P's statements concerning the merger were true, complete, and made in good faith. During the trial members of H-P's management testified credibly that they believed that the cost synergy and revenue loss targets were realistic and, in fact, would be exceeded."

Judge Chandler added that "there is no legal requirement that companies disclose all documents generated in a budgeting process."

(MORE) DOW JONES NEWS 04-30-02

05:15 PM
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