May 14, 2019
The case started in 2015 when Former Autonomy CEO Mike Lynch, alongside Finance Director Sushovan Hussain, were named in a claim filed for $5.1 billion (€4.5 billion) in damages at the UK High Court in April 2015, after HP acquired Autonomy in 2011. In November 2012, HP wrote down its worth claiming that “accounting fraud and inflated financials” from Autonomy officials, including Lynch, were to blame.
In the latest twist in the case, Sushovan Hussain the former CFO of Autonomy has been jailed for five years, The Guardian reported.
According to The Guardian, a jury found Sushovan Hussain guilty of fraud and was fined $4 million (€3.5 million) by a district judge in the US over his involvement in the transaction, as well as ordered to forfeit $6.1 million (€5.4 million).
Both Hussain and Lynch are also subject to a court case which started in March this year in London’s high court. In this case both are accused of fraudulently inflating its value and therefore HP allegedly overpaying for the company in 2011.
This case is still ongoing.
Categories : Around the Industry