HP must face shareholder lawsuit over sales, appeals court rules

FILE PHOTO: A screen displays the logo for HP Inc. at the New York Stock Exchange (NYSE) in New York, U.S., November 18, 2019. REUTERS/Brendan McDermid

(Reuters) -A U.S. appeals court on Tuesday revived a lawsuit alleging HP Inc defrauded shareholders by secretly using unprofitable tactics to boost sales of its printing supplies in 2015 and 2016.

The 9th U.S. Circuit Court of Appeals reversed a judge's ruling dismissing the lawsuit as filed too late. Investors say they did not discover the alleged fraud until the U.S. Securities and Exchange Commission fined HP $6 million over its sales practice disclosures in September 2020.