Enter multiple symbols separated by commas

HP Settles With SEC Over Disclosure of Director's Resignation

Hewlett-Packard should have disclosed the reason one of its directors resigned in the midst of the company's boardroom spying scandal last year, federal regulators said Wednesday.

In May 2006, HP board member Thomas Perkins resigned abruptly because of disagreements over the company's operations. The Securities and Exchange Commission says HP failed to disclose why Perkins resigned, as is required by law.

The SEC settled its investigation into Perkins' resignation without fining HP. HP neither admiitted nor denied the SEC's findings.

"HP acted in what it believed to be a proper manner," said Michael Holston, the company's executive vice president and general counsel. "However, we understand and accept the SEC's views and are pleased to put this investigation behind us."

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • In a rare menu test, Chipotle is testing a Chorizo Burrito, a spicy sausage made with chicken and pork, in its Kansas City restaurants.

    In a relatively a rare move for Chipotle Mexican Grill, Chipotle began testing a new menu item Tuesday.

  • A prototype of a Diebold bank branch of the future.

    Big banks are spending on futuristic branches, but it's all a waste of time and money, say financial technology experts.

  • Nouriel Roubini

    Nouriel Roubini explains how and why more economic liquidity may have led to "severe market illiquidity."

U.S. Video