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The Boston Globe

Business

Autonomy avoids layoffs in the Bay State

Hewlett-Packard Co. said on Wednesday that the accounting troubles found this week at the British software maker it owns, Autonomy Corp., will not result in layoffs at the subsidiary’s Massachusetts offices.

HP executives on Tuesday blamed Autonomy’s former executives with orchestrating an accounting fraud that inflated revenues and profitability prior to the computer giant’s October 2011 purchase of the firm for $11.1 billion. As a result of the irregularities, the Palo Alto, Calif., based HP took an $8.8 billion write-down and recorded a $6.9 billion loss in its most recent quarter.

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