HP Shareholder Sues HP Board Over Hurd Dismissal

I guess Mark Hurd had some friends out there. News.com is reporting that a ticked off shareholder is suing the HP board over Hurd’s dismissal:

The suit was filed on Tuesday in California’s Santa Clara County Superior Court. Besides breach of fiduciary duties, the board is accused of gross mismanagement, waste of corporate assets, violating the California corporation code, misappropriating information, and unjust enrichment, according to the complaint.

The suit says HP’s board failed to notify shareholders of the investigation into Hurd, when it began in late June. It adds that according to his employment contract, Hurd was not entitled to receive such as large severance package, which includes a payment of $12.2 million.

People will sue for just about anything these days. As usual, the only people who will win are the lawyers. Regardless of the outcome of this suit, HP is likely going to regret dumping Hurd because of all the static that this is generating.

Leave a Reply

%d bloggers like this: