Robbins Geller Defeats Motion to Dismiss in HP Securities Fraud Class Action

Robbins Geller Rudman & Dowd LLP defeated a motion to dismiss against HP Inc. (“HP”) and its executives on March 27, 2024. 

The motion to dismiss victory follows Robbins Geller’s 2023 appellate win in the case. Previously, the district court dismissed the case on statute of limitations grounds. Robbins Geller appealed the dismissal, citing Merck & Co. v. Reynolds, 559 U.S. 633 (2010). The Ninth Circuit agreed and reversed, emphasizing, among other factors, that plaintiffs “could not have discovered the facts necessary to plead its claims until after the publication” of an SEC Cease and Desist Order against HP. Notably, in reversing the dismissal, the Ninth Circuit also clarified how statutes of limitations apply in federal securities class actions. 

“We’re pleased with the court’s ruling and look forward to advancing the class’s claims in discovery,” said partner Darryl J. Alvarado. 

The case involves allegations that HP and its executives concealed declining revenues and increased channel inventory levels and misled investors about the state of HP’s previously flagging business. When the effects of the scheme could no longer be concealed, HP announced disappointing financial results, causing its stock price to decline and investors to suffer losses. The alleged scheme was laid bare by a September 2020 SEC Cease and Desist Order detailing HP’s misconduct.

Lead plaintiff Maryland Electrical Industry Pension Fund and named plaintiff York County on behalf of the County of York Retirement Fund are represented by Robbins Geller attorneys Darren Robbins, Shawn A. Williams, Steven F. Hubachek, Darryl J. Alvarado, Rachel A. Cocalis, and T. Alex B. Folkerth. 

About Robbins Geller   

Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex litigation firms, representing plaintiffs in securities fraud, shareholder derivative, antitrust, corporate takeover, and consumer fraud and privacy cases. With 200 lawyers in 10 offices, Robbins Geller is one of the world’s largest plaintiffs’ firms, and the Firm’s attorneys have obtained many of the largest securities, antitrust, and consumer class action recoveries in history.   

The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 - the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. The Firm secured the largest-ever securities fraud class action settlement — $7.2 billion — in In re Enron Corp. Securities Litigation.  

For media inquiries, please contact media@rgrdlaw.com or call (619) 338-3821. 

York County on behalf of the County of York Retirement Fund v. HP Inc., No. 4:20-cv-07835, Order Granting in Part and Denying in Part Renewed Motion to Dismiss (N.D. Cal. Mar. 27, 2024).