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Hewlett Packard wants Autonomy founder accountable for fraud

5 Aug 2014 12:00 AM | Anonymous

In a latest update on the legal battle between HP and Autonomy, HP has stated that they feel Autonomy's founder and former boss, Michael Lynch, "should be held accountable for fraud" over HP's takeover of Autonomy in 2011.

They have also confirmed that they are taking legal action against Sushovan Hussain, former chief financial officer for Autonomy, for trying to block a settlement between HP and its shareholders over the disastrous takeover.

According to reports, the legal battle is now getting emotional and in an article on the BBC website, a spokesman representing Mr Lynch called the comments a "personal smear".

Facts about the case:

- Biggest takeover of a British technology firm

- HP paid $11.1bn (£6.8bn) for Autonomy but a year later said it was worth $8.8bn less

- HP and its shareholders have been fighting a legal battle accusing Autonomy of misleading them over the true value of the company

- Shareholders had sued HP management for the botched takeover of Autonomy but now agree Mr Hussain and Mr Lynch should be accountable for this fraud

HP to release Cloud

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