SEC, Justice Department Investigate HP Proxy Vote

Hewlett-Packard Compaq Computer

HP said in an SEC filing that it received a subpoena on April 10 from the U.S. Attorney's Office for the Southern District of New York concerning the voting by Deutsche Bank and Northern Trust and their respective affiliated parties in connection with the Compaq merger.

Additionally, HP said it has been contacted informally by the San Francisco District Office of the SEC requesting documents and related information concerning HP's relationships and communications with Deutsche Bank and communications regarding the solicitation of votes from Deutsche Bank in connection with the merger vote.

Dissident HP director Walter Hewlett has charged in a lawsuit in Delaware that HP fraudulently coerced Deutsche Bank into switching as many as 17 million votes to favor the merger proposal just prior to the March 19 proxy vote.

HP denies those charges.

A trial in the Hewlett suit against HP is scheduled to begin April 23 in Delaware Chancery Court in Wilmington.