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HP Settles With SEC Over Disclosure of Director's Resignation

CNBC.com
Wednesday, 23 May 2007 | 6:15 PM ET

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."

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