According to the Complaint, HP Inc. is a global provider of personal computers, printers and related supplies, solutions, and services.
The claims alleged in this case arise from Defendants' misrepresentations and omissions concerning HP's fundamental changes to its Supplies business strategy, which the Company called its "four-box model." For several years, the Company measured its Supplies business through this model.
The Complaint alleges that, throughout the Class Period, Defendants falsely emphasized that the four-box model was an accurate, reliable tool to determine demand and revenue in the Company's Supplies business, and reassured investors that, based on the four-box model, HP had a "clear line of sight to supply stabilization." Defendants allegedly made false and misleading statements to investors about the reliability of the Company's four-box model and the revenue growth of the Supplies business, touting their "continued confidence in the predictive value of the four box model" and stating that the Company's "Supplies revenue is in line with the expectations that we set, and that our 4-box model continues to drive predictability." As a result of Defendants' alleged misrepresentations, shares of HP's common stock traded at artificially inflated prices during the Class Period.
On May 20, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel.