SOURCE: Izard Nobel LLP

September 15, 2011 17:18 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Hewlett-Packard Company

WEST HARTFORD, CT--(Marketwire - Sep 15, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Hewlett-Packard Company ("HP" or the "Company") (NYSE: HPQ) from November 22, 2010 and August 18, 2011 (the "Class Period").

The Complaint charges HP and certain of its officers and directors violated the federal securities laws. Specifically, defendants concealed the following: (i) HP's business model was not working, as the Company was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (ii) webOS, the TouchPad and the PC business were not central to HP's business model and webOS would not be integrated across HP's entire product line; (iii) the TouchPad hardware was inefficient, limiting the degree of effectiveness of the webOS operating system; and (iv) defendants lacked a reasonable basis for positive statements about HP's turnaround, revenue growth rates, market share, new product and introductions.

On August 18, 2011, HP announced disappointing third quarter fiscal 2011 financial results and issued revised guidance for 2011. HP also announced several major shifts in its long-term business model, including that it "will discontinue operations for webOS devices, specifically the TouchPad and webOS phones." On this news, HP's stock declined to $29.51, and to $23.60 the following day.

If you are a member of the class, you may, no later than November 14, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/hp/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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