Former Hewlett Packard Chief Mark Hurd Will Be Exposed

Former HP (NYSE:HPQ) CEO and current Oracle (NASDAQ:ORCL) President, Mark Hurd, loses a court appeal concerning allegations of sexual harassment.  Hurd sought to keep a letter confidential concerning his relationship with a onetime HP marketing contractor. The ruling means at least a partially redacted version of the letter will ultimately be made public.

“In the Court of Chancery, documents filed in a court proceeding are public records unless a party seeking confidentiality demonstrates ‘good cause,’” the court’s opinion reads, referring to the Delaware court where the case began. “The Court of Chancery decided that the intervenor” — referring to Hurd — “did not establish good cause to maintain the confidentiality of the letter. We agree and affirm.”

Here’s how Hewlett Packard and Oracle are reacting to the news today:

Hewlett-Packard Company (NYSE:HPQ): HPQ shares recently traded at $25.61, up $0.41, or 1.63%. They have traded in a 52-week range of $21.50 to $49.39. Volume today was 6,044,705 shares versus a 3-month average volume of 20,625,700 shares. The company’s trailing P/E is 7.71, while trailing earnings are $3.32 per share.

Oracle Corp. (NASDAQ:ORCL): ORCL shares recently traded at $25.76, up $0.25, or 0.98%. They have traded in a 52-week range of $24.72 to $36.50. Volume today was 12,814,169 shares versus a 3-month average volume of 31,736,300 shares. The company’s trailing P/E is 14.17, while trailing earnings are $1.82 per share.

To contact the reporter on this story: Jim Wilkerson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com