Mark Hurd Update: SEC Investigating Mark Hurds Resignation
Mark Hurds forced resignation from CEO of Hewlett-Packard Co., is being investigated by the Securities and Exchange Commission due to allegations of sexual harassment and inappropriate sharing of inside information.
Hurds sudden August departure prompted a $9 billion drop in HPs value.
"Mark acted properly in all respects," David Satterfield, a spokesman for Hurd, said in a statement. "It is understandable that the SEC is looking into the events surrounding Mark's departure, which was followed by a precipitous drop in the value of HP's stock."
The company says it is cooperating with the SEC investigation. It says it found inaccuracies with Hurds expense reports and outings with marketing contractor Jodie Fisher.
Fisher later accused him of sexual harassment. Thats case was settled out of court and Fisher recanted her original statement.
HP's market value stood at $94 billion on Monday, before news of the SEC investigation was published.
The stock fell 7 cents, or 0.2 percent, to $41.68 in extended trading Monday. Shares of Oracle, where Hurd works as a co-president, fell 3 cents, or 0.1 percent, to $31.65 in extended trading.