US regulators look into Hurd's HP departure

 

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By Nicole Kobie

Posted on 21 Dec 2010 at 09:05

US regulators are reportedly investigating the departure of Mark Hurd from HP.

The former CEO left the company amid allegations of sexual harassment, which an HP investigation showed to be false, and falsifying corporate expenses reports. Hurd has since been named as president of Oracle.

Sources familiar with the matter told the Wall Street Journal that the Securities and Exchange Commission is investigating whether Hurd shared inside information about HP's $13.9 acquisition of EDS before the purchase took place. The watchdog is also looking into his corporate expenses.

"Mark acted properly in all respects," Glenn Bunting, Hurd's spokesman told the newspaper. "It is understandable that the SEC is looking into the events surrounding Mark's departure, which was followed by a precipitous drop in the value of HP's stock."

Despite the investigation, the SEC hasn't yet formally opened a case against Hurd or HP.