PR Newswire
NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of HP Inc. (“HP” or the “Company”) (NYSE: HPQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether HP and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On June 21, 2016, HP announced an overhaul to its Printing sales model and revealed that it would reduce the Supplies channel inventory by $450 million in Supplies revenue over the remainder of 2016. On this news, HP’s stock price fell $0.72 per share, or 5.4%, to close at $12.61 per share on June 22, 2016.
More than four years later, on September 30, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued a press release, announcing charges against HP “for misleading investors by failing to disclose the impact of sales practices undertaken to meet quarterly sales and earnings targets.” Specifically, the SEC stated that “from early 2015 through the middle of 2016, in an effort to meet quarterly sales targets, regional managers at HP used a variety of incentives to accelerate, or ‘pull-in’ to the current quarter, sales of printing supplies that they otherwise expected to materialize in later quarters.” The press release further stated that “HP has agreed to pay $6 million to settle the charges.” The SEC’s charges against HP revealed that while the Company’s June 21, 2016 announcement had attributed its channel inventory issues and revenue and margin reductions to unfavorable currency impacts, competitive pricing pressure, and a change in inventory modeling, HP had in reality engaged in improper channel inventory management and sales practices.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
