The Recycler
  • Katun web banner December 2022 NEW
  • Biuromax Masthead web banner March 2024
  • G&G Feb 24 Masthead Banner

HP takes Autonomy founder to court for fraud

March 28, 2019

Mike Lynch (Credit: Irish Times)

Mike Lynch, founder of software company Autonomy, is being taken to court by HP in the UK, for alleged fraud surrounding the 2011 sale of Autonomy to HP in 2011.

Described by the BBC as the “UK’s biggest fraud trial”, the case centres around HP’s £8.4 billion ($11 billion/€9.8 billion) purchase of Autonomy 8 years ago. HP is now alleging that Lynch and Autonomy CFO, Sushovan Hussain, “inflated the value of Autonomy before that sale.”

By way of response, a spokesperson for Lynch has denied any fraud, adding, “”The real story is that HP, after a history of failed acquisitions, botched the purchase of Autonomy and destroyed the company, seeking to blame others. Mike will not be a scapegoat for their failures.”

However, Mr Lynch is also facing criminal charges across the pond in the USA, with a 17-count indictment having been filed against him by prosecutors in the federal court in San Francisco.

Lynch’s spokesperson stated, “These are baseless, egregious charges issued on the eve of the trial in the UK, where this case belongs, and Dr Lynch denies them vigorously.”

Both HP and the US prosecutors are alleging that Lynch and Hussain, as well as other former Autonomy executives, “artificially inflated the software company’s revenues and earnings between 2009 and 2011, causing HP to overpay”.

HP is suing both Lynch and Hussain for $5.1 billion (£3.9 billion/€4.5 billion).

If convicted, Lynch could fail a prison term in the US.

Categories : Around the Industry

Tags : Autonomy Fraud HP Legal UK

  • G&G Big & Bold Web banner January 2024
  • Biuromax March 2024 Banner
  • Static Control June 2022 Big & Bold Ad
  • Ink Tank Web Ad March 2024
  • Cartridge Web Ad March 2024
  • Apex Web Ad March 2024
  • TN Group Web ad March 2024
  • GM Technology Web Ad March 2024
  • Aster Feb 2024 Web Ad
  • IR Italiana Web ad January 2021
  • Mito Web advert July 2023
  • ITP Web ad January 2021
  • Zhono Web ad March 2024
  • Denner Feb 2024 Web Ad
  • Altkin Web ad March 2024
  • PCL Feb 2024 Web Ad
  • HYB Web banner Jan 2024
  • CET Web ad December 2023
  • Denner Feb 2024 Web Ad
  • HYB Web banner Jan 2024
  • ITP Web ad January 2021
  • PCL Feb 2024 Web Ad
  • CET Web ad December 2023
  • Zhono Web ad March 2024
  • Altkin Web ad March 2024
  • PCL Feb 2024 Web Ad
  • ITP Web ad January 2021
  • Altkin Web ad March 2024
  • Zhono Web ad March 2024
  • Denner Feb 2024 Web Ad
  • CET Web ad December 2023
  • HYB Web banner Jan 2024

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark

The Recycler Subscribe Web ad January 2021
The Recycler Subscribe Web ad January 2021