SOFTWARE TYCOON MIKE LYNCH SHOOTS BACK AT 'FLOUNDERING' HP DURING ITS 5 BILLION FRAUD TRIAL


Lynch was the former CEO of British software firm Autonomy, which HP procured for USD 11 billion in 2011. HP has accused Autonomy’s former CEO Lynch and CFO, Sushovan Hussain for fraudulent activities.

Lawyers for Lynch made their initial remarks before the Justice Hildyar. Lynch himself appeared in the court, dressed in a dark suit and examining the documents. Robert Miles QC, for Lynch, labeled HP as a ‘floundering, necessarily stagnant’ business in 2011 is looking forward in leading its business. HP’s former CEO, Leo Apotheker, and former CTO, Shane Robinson looked at Autonomy as a stimulant and accelerated the USD 11 billion acquisition. The plan was that Autonomy would support HP to bring new enterprise software business, backing up from its core low-margin hardware business. HP also thought Autonomy could ultimately be worth USD 50 billion once the two businesses were incorporated according to the documents registered by Lynch’s camp.

The documents reveal that an HP spokeswoman handed over Cameron’s private secretary, Simon Case, an early briefing over two phone calls regarding Autonomy. Overall, HP outlined to contact more than 50 ministers and civil employees by call or letter about the Autonomy write-down.

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