Hewlett-Packard Co. (NYSE: HPQ) reported that it would take a write-down of $8.8 billion  blaming the company’s $10 billion purchase of British software company Autonomy Corp. and citing fraud on the part of the target’s leaders.

The Palo Alto, Calif. technology company said in a filing with the U.S. Securities and Exchange Commission that "serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation plc" occurred prior to HP’s acquisition in 2011. 

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