April 21, 2021 - A consolidated complaint was filed.

November 5, 2020 - An investor in shares of HP Inc. (NYSE: HPQ) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by HP Inc. in connection with certain allegedly false and misleading statements made between November 6, 2015 and June 21, 2016.

Palo Alto, CA based HP Inc., together with its subsidiaries, provides personal computing and other access devices, imaging and printing products, and related technologies, solutions, and services in the United States and internationally. HP Inc. began operations after spinning off from Hewlett Packard Enterprise Company (“HPE”) on or about November 1, 2015. Following the spinoff, HP Inc. operated the Printing and Personal Systems businesses, while Hewlett Packard Enterprise Company retained the enterprise technology infrastructure, software, services, and financing businesses. Within HP’s Printing segment is the Supplies division, which consists of printing and computing supplies, such as toner, ink cartridges, and related printing supplies. Nearly 80% of HP Inc.’s operating profit was derived from its Printing business during the Class Period.

On June 21, 2016, HP Inc. announced an overhaul to its Printing sales model and revealed that it would reduce its Supplies channel inventory by $450 million, resulting in a corresponding reduction of $450 million in Supplies revenue over the remainder of 2016. Shares of HP Inc. (NYSE: HPQ) declined from $13.90 per share in early June 2016 to as low as $11.48 per share on June 27, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of HP Inc. (NYSE: HPQ) common shares between November 6, 2015 and June 21, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 6, 2015 and June 21, 2016, the defendants misrepresented HP’s business and financial condition by issuing false and misleading statements regarding HP’s financial performance and, in particular, its revenue, profit margin, and earnings, that the defendants provided positive financial results for HP, but misrepresented and omitted to state that HP’s Supplies channel inventory management and sales practices had resulted in increased channel inventory and decreased revenues and profits, and that as a result of defendants’ false statements and omissions, the price of HP stock was artificially inflated to a high of more than $14 per share between November 6, 2015 and June 21, 2016.