IDG News Service (Seattle Bureau) — Hewlett-Packard (HP) has settled a U.S. Securities and Exchange Commission (SEC) investigation regarding the resignation of Tom Perkins from its board.
Perkins was a central character in the scandal at HP over tactics the company used to try to find the source of internal information leaks.
The SEC concluded that HP should have revealed that Perkins resigned because he disagreed with the companys activities. HP also should have described the circumstances around the disagreement, the SEC said.
HP didn't admit to any wrongdoing but agreed to the SEC making a filing with its conclusions. The SEC wont fine HP or impose any other penalties related to this investigation.
Perkins quit the board in May last year when it was revealed that private investigators hired by HP may have used illegal methods to identify another board member as the source of leaks about the company to the media. He later urged the company to reveal the reasons behind his resignation. In September, HP did say in an SEC filing that Perkins resigned over the investigation.
Perkins has publicly traded barbs with other former board members including former Chairwoman Patricia Dunn about how the investigations into the internal leaks were handled.
