HP which had abandoned WebOS from its future plans after the TouchPad debacle, due to the rising costs and non performance issues it had brough to the company, is now stung by a class-action lawsuit filed by one of its shareholders Richard Gammell, this week in U.S. District Court by Robbins Geller Rudman & Down.
As per the lawsuit, Mr. Gammell alleges that HP killed off the TouchPad and the WebOS without informing any of its shareholders about their intentions and the future course of actions and thus he blames HP for the 20% drop in the share prices and the resultant loss to investors who were kept aloof of HP’s new business plans which includes surprising decisions like selling or spinning off their PC business. Gammell also added that it was the purchase of the WebOS and the resultant high expectations that artificially inflated HP’s share prices.
And hence Richard Gammell has sued HP, seeking to recover unspecified damages from them to compensate the losses of all the investors who had purchased stocks of HP between November 22, 2010 and August 18th, 2011.
Via Rueters
