Reported 6 months ago
British entrepreneur Mike Lynch denied any wrongdoing at his fraud trial in San Francisco, where he faced charges related to Hewlett-Packard's acquisition of his software company, Autonomy, in 2011. Lynch testified that he was not involved in the transactions that prosecutors allege constituted accounting fraud, leading to HP writing down Autonomy's value by $8.8 billion in 2012. Lynch defended Autonomy's success and profitability, attributing any financial issues to others handling accounting matters. The trial, ongoing since mid-March, involves allegations of inflating revenue to attract a buyer, with Lynch's legal team arguing that HP rushed due diligence before the acquisition. Lynch, a prominent UK tech entrepreneur, faces potential prison time if convicted, following a series of legal battles stemming from the failed acquisition.
Source: YAHOO