Mar 25, 2019
Autonomy boss in 'deliberate fraud', court told
The founder of software giant Autonomy, Mike Lynch, "Committed a deliberate fraud over a sustained period of time" to artificially inflate its value, the High Court was told on Monday. The 53-year-old, from Suffolk, argues that, at the time of the sale, Cambridge-based Autonomy was an "Innovative technology company and a success story" and that HP "Botched the purchase of Autonomy and destroyed the company". He said Autonomy had been "Meeting its revenue and revenue growth targets by simply buying and selling third party hardware, without any connection to Autonomy software". A spokesman for Mr Lynch said ahead of Monday's hearing there was "No fraud at Autonomy" and that the case "Distils down to a dispute over differences between UK and US accounting systems". In separate criminal proceedings in the US, Mr Lynch faces 17 charges of securities fraud, wire fraud and conspiracy in a federal court over the sale of Autonomy and, if found guilty, could face up to 25 years in jail.
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