Professor Stephen Bainbridge discusses the fiduciary duties of the directors of Hewlett Packard, in connection with recent developments regarding an acquisition it recently discovered that it may have overpaid for. The issues were raised in a prior post by Delaware’s favorite corporate law scholar that discussed the recent news about Hewlett Packard discovery that its multi-billion purchase of the company called Autonomy may only be worth a fraction of what it paid, due to alleged “misrepresentations” by the target about its actual value. In particular the good professor discusses the application of the Delaware Supreme Court decision in Cede & Co. v. Technicolor, Inc., 634 A.2d 345, 368-69 (Del. 1993), as well as related Delaware case law, with reference to his own publications that address the issue.