Actually the VideoLan developer himself refutes the claim. Take a good look at
The VideoLAN Forums • View topic - VLC player damages speaker?
Of course, the discussion is dated April 2009 (2 years ago) so it is not exactly new. I'm not taking sides here, only one should hear both sides of the story.
I have also had a bad experience whereby my own Dell Inspiron n5010's speakers went off, it was out of warranty, so anyway I had to go for paid service....
In my opinion HP/Dell are either giving substandard speakers in their consumer oriented laptops, or, they don't have any kind of protection circuitry in place. I have not had any problems with a 7-year old Toshiba Portege in the family, which is still being used without any complaints (save for battery being changed twice).
Moral of the story : I am careful not to put the volume above 100% in VLC after the problem happened. Have not had problems since.
Err on the side of caution

and if you need more volume get a proper pair of desktop speakers.