Autonomy Founder accused of Fraud by Hewlett Packard
06 Aug, 2014
According to the BBC, Computer giant Hewlett-Packard (HP) says Autonomy’s founder and former boss, Michael Lynch, “should be held accountable for fraud” over HP’s takeover of Autonomy in 2011.
It is a significant escalation in the ongoing legal battle between HP and Autonomy.
A spokesman representing Mr Lynch called the comments a “personal smear”.
HP paid $11.1bn (£6.8bn) for Autonomy but a year later said it was worth $8.8bn less.
The deal was the biggest ever takeover of a British technology firm.
HP and its shareholders have been fighting a legal battle accusing Autonomy of misleading them over the true value of the company.
But the stage is set for a lengthy battle in the courts on both sides of the Atlantic, with HP obviously hoping that regulatory authorities step in to back up its claims.