April 1, 2014

WebOS Betrayal Costs HP $57 Million in Class Action Settlement

It may have been overshadowed by pricier acquisition deals in subsequent years, but HP's 2010 takeover of Palm remains a milestone event. It was a seemingly perfect combination of a highly competitive mobile operating system with a deep-pocketed hardware juggernaut. HP promised it would fund the future development of webOS and support it with a broad ecosystem of devices. Only a year later, however, the company reversed course and abandoned its touted plans, to the chagrin of hard-hit shareholders.

class action lawsuit filed in the wake of that decision has now been settled by HP at the cost of $57 million. The plaintiffs are primarily pension funds and other institutional investors, whose anger stems from the dissonance between...

Continue readingâ¦

Read more at The Verge
Click Here!