Resolution:
Folowing are the HP-UX parameters which needs to be checked -
1) max_thread_proc - The maximum number of threads allowed in each process. The minimum value (and default) is 64, often too low for most Java applications. The maximum value is the value of nkthread. (for Java application make it atleast 256)

2) nkthread - The total number of kernel threads available in the system. This parameter is similar to the nproc tunable except that it defines the limit for the total number of kernel threads able to run simultaneously in the system. The value must be greater than nproc. The default is approximately twice that of nproc. The maximum is 30000. The suggested value of nkthread is 2*max_thread_proc. If you have many Java processes running and each running process uses many threads, you will want to increase this value.

3) maxdsiz - maximum data segment size - for Java applications make it atleast  256MB

4) swap space -The general rule for swap space is that it should be double the amount of RAM installed on your system.

Also, check if all JVM related patches installed on the HP-UX machine.
You can find the list of patches required for JVM on HP machine in the following web site -
http://www.hp.com/products1/unix/java/infolibrary/patches.html