Specifically, the company is looking at the circumstances surrounding Hurd's departure from the company last year as well as the severance package he received when he left. The investigation is in response to a shareholder lawsuit that alleges that the severance package was an "unreasonable and grossly excessive severance award," which was valued at about $35 million.
The new investigation would be conducted by outside counsel, as well as directors who were named to the board after Hurd's resignation - which would be new CEO Leo Apotheker, the former SAP CEO, and chairman Ray Lane, who is the former president of Oracle.
Hurd resigned from his position at HP in August 2010 in what appeared to be a sexual harassment scandal but was scaled down after it was learned that Hurd did not violate the company's harassment policy but did turn in some questionable expense reports.
Almost immediately, Hurd was hired as Oracle's co-President, a development that sparked concerns over trade secrets and confidentiality and raised eyebrows over Hurd's severance package.
Separately, the Securities and Exchange Commission is reportedly also looking at the scandal, specifically on the allegations that Hurd shared information about HP's 2008 acquisition of Electronic Data Systems with Jodie Hurd, a former marketing contractor who was at the center of the sexual harassment probe.