Autonomy co-founder accused of intimidating people who raised concerns before 2011 HP takeover and inflating software firm sales
Lynch, co-founder of the UK software company Autonomy, stands accused of artificially inflating the software firm’s sales; misleading auditors, analysts and regulators; and intimidating people who raised concerns before its blockbuster takeover by Hewlett-Packard in 2011.Lawyers for the technology tycoon, once hailed as “Britain’s Bill Gates”, revealed on Monday that he plans to testify once the prosecution has laid out its case against him.
“We’re going to put Mike on the stand,” Weingarten told the jury. “At most trials you don’t usually do it, but we are.” HP bought Autonomy in an $11.1bn deal designed to turbocharge its software business. Barely a year later, however, it wrote down the value of the acquisition by $8.8bn, and alleged “serious accounting improprieties, disclosure failures and outright misrepresentations” at the business.
as its first witness. Vaidyanathan testified about accounting issues he first raised inside the company in 2010.But it transpired that Autonomy’s financial statements were “materially false and misleading”, Reeves alleged, having been boosted by a “variety of accounting tricks” and hidden hardware sales.
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