United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Multi-billion dollar showdown over Hewlett-Packard’s $11bn Autonomy purchase starts in London’s High Court Monday

Proactive Investors Monday, 25 March 2019
A multi-billion dollar showdown over US technology giant  Hewlett-Packard’s $11bn purchase of UK software firm Autonomy software in 2011 starts in London’s High Court on Monday. Former Autonomy CEO Mike Lynch, together with his former CFO Sushovan Hussain, is being sued by the US group – now renamed HP Inc (NYSE:HPQ) after spinning off its enterprise business in 2015 – for damages of around $5bn. READ: British tech billionaire Mike Lynch charged with fraud in US The charges allege that the value of former FTSE 100-listed Autonomy was inflated before the sale of the big data firm. Lynch has repeatedly denied the allegations, saying the failure of the acquisition was down to HP's mismanagement. On Friday, US prosecutors added three new criminal charges to their indictment against Lynch, including for securities fraud, which carries a maximum prison term of 25 years, as well as additional charges of wire fraud and conspiracy. The charges were revealed in an indictment filed with the federal court in San Francisco. Lynch has been engaged in a battle with HP ever since he was fired by former HP CEO Meg Whitman in 2012 less than a year after the deal was completed. Hussain was found guilty in a related case in April 2018 in San Francisco but has yet to been sentenced. The London High Court case is expected to last until the end of the year and it could then take another six months for the judge to reach a decision. Just over a year after the takeover completed, HP said it had discovered "serious accounting improprieties" that had inflated the value of Autonomy, leading it to write off more than $5bn in relation to the deal. Many shareholders had criticised the Autonomy deal before it even completed, with its architect HP CEO Leo Apotheker sacked and the board having looked into the possibility of just walking away from the acquisition.
0
shares
ShareTweetSavePostSend
 
Credit: Reuters Studio - Published < > Embed
News video: Autonomy founder Lynch set for $5 bln Hewlett-Packard court showdown

Autonomy founder Lynch set for $5 bln Hewlett-Packard court showdown 01:08

HP is suing Autonomy founder Lynch, once hailed as Britain’s answer to Bill Gates, along with his former finance chief Sushovan Hussain for $5 billion after the 2011 deal went disastrously wrong for the Silicon Valley group. Ciara Lee reports

You Might Like


Recent related videos from verified sources

Face biting suspect Austin Harrouff appears in court Monday for motions hearing [Video]Face biting suspect Austin Harrouff appears in court Monday for motions hearing

former college student accused of murdering a Martin County couple and chewing one of their faces appeared in court Monday. Several motions were discussed in the case of 22-year-old Austin Harrouff,..

Credit: WPTV News | West Palm Beach     Duration: 00:59Published

Former Malaysian PM Najib Razak arrives at court [Video]Former Malaysian PM Najib Razak arrives at court

Ousted Malaysian Prime Minister Najib Razak arrives in court for his trial over charges linked to a multi-billion-dollar scandal at state fund 1Malysia Developmebt Berhad. Rough cut - no reporter..

Credit: Rumble     Duration: 00:39Published

Julian Assange Arrested In London [Video]Julian Assange Arrested In London

According to Reuters, Julian Assange was arrested in London immediately after exiting the Ecuadorean embassy. The WikiLeaks founder has sought refuge at the embassy since 2012, when he failed to..

Credit: Wochit     Duration: 00:35Published

Emotions Run High in Seoul as Court Rules Against Abortion Ban [Video]Emotions Run High in Seoul as Court Rules Against Abortion Ban

Emotions ran high for both pro- and anti-abortion rights campaigners gathered outside the Constitutional Court of Korea on April 11 as the country’s 66-year-old abortion ban was..

Credit: Storyful Studio     Duration: 00:31Published

McKeesport Students, Parents File Complaint Over Dispute Over Black Student Union [Video]McKeesport Students, Parents File Complaint Over Dispute Over Black Student Union

The American Civil Liberties Union is now involved in a dispute over the formation of a Black Student Union at McKeesport Area High School.

Credit: KDKA CBS 2 Pittsburgh     Duration: 02:52Published

Arbor View students face judge in racist threats case; parents want clarity [Video]Arbor View students face judge in racist threats case; parents want clarity

Two Arbor View High School students who police say were behind racially charged social media posts against other students appeared in court on Friday.

Credit: KTNV Channel 13 Las Vegas     Duration: 02:25Published

McKeesport High School Misses Deadline To Form Black Student Union [Video]McKeesport High School Misses Deadline To Form Black Student Union

The McKeesport School District missed a deadline imposed by the American Civil Liberties Union to allow the formation of a black student union at the high school; KDKA's Paul Martino reports.

Credit: KDKA CBS 2 Pittsburgh     Duration: 02:16Published

Suspect In New Zealand Massacre to Face More Charges In Court On Friday [Video]Suspect In New Zealand Massacre to Face More Charges In Court On Friday

According to Reuters, Australian Brenton Tarrant will appear in court in New Zealand on Friday, where he faces more charges after his arrest for mass shootings at two mosques last month that killed 50..

Credit: Wochit News     Duration: 00:36Published


Recent related news from verified sources

High court declines to take Pennsylvania rap artist’s case

WASHINGTON (AP) — The Supreme Court is declining to take the case of a Pennsylvania rapper who was convicted of threatening police officers in one of his...
Seattle Times

Supreme Court asked to void Louisiana abortion clinic law

WASHINGTON (AP) — A Louisiana abortion clinic is asking the Supreme Court to strike down regulations that could leave the state with just one clinic. A divided...
Seattle Times


Other recent news in Business

With Interest: The Week in BUSINESS: Pinterest Provides I.P.O. Inspiration and Tesla Shows Off Self-Driving CarsBritish cyber expert PLEADS GUILTY to creating malware
Climate protesters march in LONDON again; arrests hit 710Maxwell House Partners With Amazon For A 'Marvelous Mrs. Maisel' PASSOVER Haggadah
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.