| COMPANY |
HP Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
20-cv-01260 |
| JUDGE |
The Honorable Susan Yvonne Illston |
| CLASS PERIOD |
February 23, 2017 - October 3, 2019 |
| SECURITY TYPE |
Common Stock |
Case Background:
On February 19, 2020, the initial complaint in this securities class action was filed against HP Inc. (“HP” or the “Company”), and certain of HP’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all who purchased or otherwise acquired HP common stock between February 23, 2017 and October 3, 2019, both dates inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants falsely emphasized that the four-box model was an accurate, reliable tool to determine demand and revenue in the Company's Supplies business, and reassured investors that, based on the four-box model, HP had a "clear line of sight to supply stabilization." Specifically, the complaint alleges Defendants made false and misleading statements to investors about the reliability of the Company's four-box model and the revenue growth of the Supplies business, touting their "continued confidence in the predictive value of the four box model" and stating that the Company's "Supplies revenue is in line with the expectations that we set, and that our 4-box model continues to drive predictability." As a result of Defendants' alleged misrepresentations, shares of HP's common stock traded at artificially inflated prices during the class period.
Current Status of Case:
On May 3, 2021, Lead Plaintiffs filed an amended complaint (the “Amended Complaint”). On June 4, 2021, Defendants filed a Motion to Dismiss the Amended Complaint. On September 15, 2021, the Court granted Defendants’ Motion to Dismiss. Lead Plaintiffs filed a Notice of Appeal to the 9th Circuit on October 14, 2021. While on appeal, the parties agreed to settle the action. On September 6, 2023, the Court entered an order approving the settlement. This action has concluded.
The deadline to file a claim is August 14, 2023. If you have any questions or need further information about this settlement, you may go to the following website, http://www.hpsecuritiessettlement.com/, or you can contact the claims administrator, A.B. Data, Ltd. at 877-388-1759.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.