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Mike Lynch

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business5 months ago

Mike Lynch’s estate ordered to pay HP over $940 million

The UK High Court ruled that the estate of Mike Lynch owes Hewlett Packard Enterprise over $940 million due to a fraud case related to Lynch's company Autonomy, with Lynch's yacht sinking and his death occurring shortly after the ruling. The case involves allegations of misrepresentation and fraud in the sale of Autonomy, which HP acquired for $11 billion, and the court's decision reflects significant financial damages awarded to HPE. A further hearing is scheduled to determine final damages and other legal considerations.

via CNN|
#autonomy#business#court-ruling
business5 months ago

Mike Lynch’s estate and partner owe HP over £700 million, court rules

The estate of Mike Lynch, founder of Autonomy, was ordered to pay HPE approximately $943 million after a UK court found that HPE's claim of overpayment and fraud in the Autonomy acquisition was exaggerated. The judge determined the actual loss to be around $700 million, significantly less than the $4 billion HPE initially sought. Lynch, who died in a yacht accident last year, was cleared of criminal charges related to the sale.

via theregister.com|
#autonomy#business#court-ruling
business5 months ago

Mike Lynch's Estate and Partner Ordered to Pay Over $940 Million to HP

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.

via The New York Times|
#autonomy#business#fraud
world6 months ago

First Interior Images of Recovered Bayesian Superyacht Unveiled

The first interior images of the Bayesian superyacht, which sank off Sicily last year resulting in seven deaths including tech tycoon Mike Lynch and his daughter, have been revealed. The vessel was raised from the seabed for investigation, revealing significant damage and mud accumulation. Authorities are examining possible causes such as open hatches, keel issues, and vulnerability to high winds, with legal inquiries into manslaughter underway. The incident highlights the need for safety lessons and accountability.

via The Guardian|
#investigation#italy#mike-lynch
world6 months ago

Superyacht Rescued After 10 Months on the Seabed Near Sicily

A British-flagged superyacht sank off Sicily last year, resulting in the death of tech magnate Mike Lynch and six others. The yacht has been partially recovered from the seabed after 10 months, with salvage operations now underway to bring it ashore for investigation. The vessel sank during a storm caused by extreme wind, which also led to its capsizing.

via ABC News - Breaking News, Latest News and Videos|
#italy#mike-lynch#salvage
business1 year ago

Mike Lynch Acquitted of Fraud in $11B HP Deal

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.

via BBC.com|
#autonomy#business#fraud-trial
legaltechnology1 year ago

Mike Lynch Acquitted in US Autonomy Fraud Case

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.

via The Register|
#acquittal#autonomy#fraud-trial
legalcriminal-justice1 year ago

"UK Tech Tycoon Mike Lynch Accused of Masterminding Massive $11B Fraud in US Trial"

Mike Lynch, the founder of Autonomy, has been described as the "driving force" behind a "massive fraud" in a US trial. The trial revolves around the $11bn sale of Autonomy to Hewlett-Packard in 2011, with Lynch facing allegations of inflating the company's value before the sale. The prosecution has accused Lynch of orchestrating a scheme to deceive investors and potential buyers, while Lynch denies any wrongdoing and argues that HP's mismanagement led to the company's downfall.

via Financial Times|
#autonomy#fraud#legalcriminal-justice
legalcrime1 year ago

"UK Tech Tycoon Mike Lynch Faces Trial for $11B Fraud Masterminding"

Mike Lynch, the tech founder once hailed as Britain’s Steve Jobs, is on trial in the US for allegedly orchestrating an $11 billion fraud that led to Hewlett-Packard's disastrous acquisition of his software company Autonomy in 2011. Prosecutors accuse Lynch and a former finance executive of inflating Autonomy’s revenue through fraudulent means, including backdated agreements and fake contracts. Lynch, who faces 16 counts of fraud and conspiracy, is considering testifying in his defense. This trial follows legal battles and a civil lawsuit in which HP substantially won against Lynch and Autonomy's former CFO.

via New York Post |
#autonomy#fraud#hp
legalcrime1 year ago

"UK Tech Tycoon Mike Lynch Faces Trial for Alleged Massive Fraud in US"

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.

via Yahoo Finance|
#autonomy-corp#fraud#hewlett-packard
business1 year ago

"UK Tech Mogul Mike Lynch Faces Trial for Silicon Valley's 'Largest Fraud' in US"

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.

via The New York Times|
#autonomy#business#fraud