THE HP-AUTONOMY SAGA should have been consigned to the history books a long time ago, but it has just reared its ugly head again in the deepest and complete way possible with the charging of the latter’s former CEO, Mike Lynch, with fraud.
US authorities have taken action on the British tech boss, pictured here doing an impression of a boiled egg, after a long-running saga in the aftermath of Autonomy to HP (now demerged into HPE and HP Inc).
The company claimed repeatedly between 2009 and 2011 that 68 per cent of its Cambridge, UK based business came from the US, making it seem attractive to potential buyers.
Along with a number of alleged co-conspirators, including his vice president of finance, it has been said that the price of the company was artificially kept high and a number of misleading statements were made to analysts and regulators.
The BBC reports that the accused also “intimidated, pressured and paid off persons who raised complaints about or openly criticised Autonomy’s financial practices and performance”.
In 2012, HP was forced to write down three-quarters of the value of Autonomy. A Serious Fraud Office investigation in the UK was closed in 2015 without charge, but since then we’ve seen suit and countersuit leading up to this moment.
Eventually, HP gave up the whole thing as a bad job, selling Autonomy to Micro Focus in 2017 making a gigantic loss.
Lawyers acting for Mr Lynch, whom they describe as a “world-leading entrepreneur who started from nothing” have said he will deny all charges in what they call a “travesty of justice”. Which is a literal translation of “a tranvestite judge” and may or may not have been a subtle dig at the legal system. Or not.
Sorry – this article was getting a bit dry is all. μ
Source : Inquirer