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HP settles with SEC over Perkins resignation

'Should have revealed reasons for resignation'

HP has reached a settlement with the US SEC (Securities and Exchange Commission) over its investigation into the resignation of Tom Perkins from the HP board.

Perkins was a central character in the scandal at HP over tactics the company used to find the source of internal information leaks.

The SEC concluded that HP should have revealed that Perkins resigned because he disagreed with the company’s activities. HP should also have described the circumstances around the disagreement, the SEC said.

HP didn't admit to any wrongdoing but agreed to the SEC making a filing with its conclusions. The SEC won’t fine HP or impose any other penalties related to this investigation.

Perkins resigned from the board in May last year when it was revealed that private investigators hired by HP may have used illegal methods to identify another board member as the source of leaks about the company to the media. He later urged the company to reveal the reasons behind his resignation. In September, HP did say in an SEC filing that Perkins resigned over the investigation.

Perkins has publicly traded barbs with other former board members, including former chairman Patricia Dunn, about how the investigations into the internal leaks were handled.


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