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

Credit: Reuters Studio
Published on March 25, 2019 - Duration: 01:08s

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

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

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

BROADCAST AND DIGITAL RESTRICTIONS~** Broadcasters: NO USE UK Digital: NO USE UK ** Once hailed as Britain's answer to Bill Gates, Mike Lynch arrived at London's High Court on Monday, ready for a multi-billion dollar showdown with Hewlett-Packard.

The U.S. tech firm purchased Autonomy in 2011, a software business that Lynch founded.

The dispute has lasted for more than six years and is over who is to blame for the disastrous deal which ended up costing HP's shareholders billions of dollars.

The Silicon Valley stalwart is seeking damages of around $5 billion from Lynch and his former colleague Sushovan Hussain, alleging they inflated the value of Autonomy before selling the data firm.

HP says it found "serious accounting improprieties" after the deal was completed.

Lynch has denied the allegations and said the failure of the $11 billion acquisition was down to HP's mismanagement.

The 53-year-old, whose doctoral thesis is one of the most consulted at Cambridge University, is counter-suing for more than $160 million.

Lynch also faces criminal wire- and securities-fraud charges in the U.S. They carry a maximum 25-year prison term.

He's expected to to appear before the London court again around July.

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