All articles tagged with #hewlett packard
The estate of Mike Lynch, who died last year, and his former partner are ordered to pay Hewlett Packard over $945 million related to the 2011 sale of Autonomy, after a London court found they engaged in fraudulently inflating the company's value. The amount is less than HP's original claim of $4 billion, with the judge stating HP's claim was exaggerated.
British tech tycoon Mike Lynch has been cleared of fraud charges in the US related to the $11bn sale of his software firm, Autonomy, to Hewlett-Packard in 2011. A San Francisco jury found him not guilty on all counts, a significant victory for Lynch, who faced over 20 years in prison if convicted. Lynch, who co-founded Autonomy in 1996, had denied inflating the company's value and distanced himself from other executives involved in fraudulent activities. The verdict ends a 13-year legal battle, with Lynch expressing relief and gratitude.
Mike Lynch, founder of Autonomy, and Stephen Chamberlain, former VP of finance, were acquitted of all charges in a US fraud trial related to the 2011 sale of Autonomy to Hewlett-Packard. The federal court jury in San Francisco cleared Lynch of 15 charges, including wire fraud and conspiracy. Lynch, who was extradited from the UK, maintained his innocence, arguing he was being scapegoated for HP's failed acquisition. HP had paid $11 billion for Autonomy but wrote down $8.8 billion within a year, leading to years of legal battles.
UK tech tycoon Mike Lynch is accused by US prosecutors of orchestrating a "massive fraud" to inflate revenue at his software startup, Autonomy Corp., and deceive Hewlett Packard into purchasing it for $11 billion in 2011. The prosecution alleges that Lynch used accounting tricks such as back-dating contracts and overpaying for unnecessary services to artificially boost revenue. Lynch, who was extradited to the US last year, faces multiple charges including wire fraud and securities fraud, with the most serious charge carrying a maximum 25-year prison term if convicted. Lynch's defense argues that he was made a scapegoat for Hewlett Packard's subsequent $8.8 billion write-down, attributing the fault to the Silicon Valley giant.
The criminal trial in San Francisco federal court will revisit Hewlett Packard's disastrous $11 billion acquisition of British software maker Autonomy, which was intended to lift the company out of a slump but instead became a costly debacle. Former Autonomy CEO Mike Lynch and former vice president of finance Stephen Chamberlain are defending themselves against 16 felony counts of fraud and conspiracy, facing potential sentences of more than 20 years in federal prison if convicted. The trial is expected to shed light on the leadership of former HP CEO Meg Whitman, who hoped the Autonomy deal would revitalize the company but instead faced a massive write-off and accusations of criminal conduct.
Mike Lynch, the former chief executive of Autonomy Corp., is set to face a criminal trial in San Francisco for allegedly defrauding Hewlett-Packard of billions when he sold his software company, Autonomy, to HP for $11 billion in 2011. The trial follows a civil case in London where Mr. Lynch and Autonomy's former finance chief were found liable for the fraud. If convicted, Mr. Lynch could face up to 20 years in prison.
British tech entrepreneur Mike Lynch has been extradited to the US to face criminal charges over the $11bn sale of his firm Autonomy to Hewlett-Packard. Mr Lynch will stand trial on charges including fraud, which he denies. He is accused of overinflating the value of his software firm when he sold it to HP in 2011. The Home Office confirmed that Mr Lynch was extradited to the US on Thursday.
Mike Lynch, co-founder of UK software firm Autonomy, has been extradited to the United States to face criminal charges over Hewlett Packard's (HP) $11 billion acquisition of Autonomy. Lynch faces 17 charges and could face 20 years in prison. He has always denied any wrongdoing. Lynch's legal battles have also raised questions for Darktrace, a FTSE 250 British cyber security company. Lynch was central to its creation and he and his wife Angela Bacares own about 10% of the 2 billion pound company.
Mike Lynch, the founder of Autonomy, has been extradited to the US to face criminal fraud charges after losing an appeal. Lynch is accused of duping Hewlett-Packard into overpaying for Autonomy in 2011. He denies any wrongdoing. Lynch had considered appealing to the European court of human rights after losing his appeal in the UK, but was extradited before he could do so. Lynch could face a maximum prison sentence of 25 years if found guilty.