HP Sued by Shareholder for Discontinuing TouchPad and Other WebOS-Based Devices

A Hewlett Packard shareholder has filed a lawsuit against the company, claiming that the world’s largest computer maker has deceived its shareholders.

The lawsuit, filed after HP’s decision to discontinue the HP TouchPad and other webOS based devices, was initiated by HP shareholder Richard Gammel.

Gammel claims the company deceived shareholders by not disclosing that webOS was not central to the company’s plans even as it was developing the TouchPad tablet.

The lawsuit also claims that HP CEO Leo Apothekar and chief financial officer Cathie Lesjak painted a rosy picture about the company, which later proved ‘unfounded’.

The company, according to the lawsuit, lied about the financial health of its personal computers business and its strategy for webOS. It seems that HP, which spent $1.2 billion in acquiring Palm, had decided to close down the webOS hardware division even before it launched the TouchPad tablet PC device.

Depending on the severity of the charges included in the lawsuit, the suit could drag on for some time as the legal community decides whether HP has broken any laws.