British entrepreneur Mike Lynch artificially inflated revenue at his Autonomy software company before selling it to Hewlett Packard for US$11 ...
LONDON: British entrepreneur Mike Lynch artificially inflated revenue at his Autonomy software company before selling it to Hewlett Packard for US$11 billion, the U.S. firm's lawyer told a London court on Monday.
But a year later HP wrote down the value of Autonomy by US$8.8 billion, saying it had uncovered serious accounting improprieties. These have led it to pursue Britain's biggest-ever fraud trial against Lynch and Hussain. A spokeswoman for Lynch said in an emailed statement:"Mike Lynch is pleased to finally have the opportunity to respond in court to HP's accusations. There was no fraud at Autonomy."
Lynch observed proceedings from a back corner of the courtroom, occasionally scribbling notes or sending messages on his phone.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Autonomy founder Lynch inflated sales before HP deal, court toldBritish entrepreneur Mike Lynch artificially inflated revenue at his Autonomy software company before selling it to Hewlett Packard for US$11 ...
Read more »
Europe: Auto rally power stocks to near six-month peak[BENGALURU] European shares were on course for a fifth day of gains on Tuesday, powered by a strong rally in automakers after Peugeot suggested Fiat Chrysler was among the options for a merger, and as Bank of America Merrill Lynch talked up stocks in the sector. Read more at The Business Times.
Read more »
Autonomy founder Lynch inflated sales before HP deal, court toldBritish entrepreneur Mike Lynch artificially inflated revenue at his Autonomy software company before selling it to Hewlett Packard for US$11 ...
Read more »
Chelsea Women's boss Hayes hails landmark Barclays sponsorship dealChelsea Women's manager Emma Hayes has hailed Barclays' sponsorship deal with the Women's Super League (WSL) as a 'watershed moment', saying it ...
Read more »
Asian shares steady ahead of Fed meeting; May's Brexit deal in chaosAsian shares treaded water on Tuesday ahead of a U.S. Federal Reserve policy meeting, hovering near six-month highs, while sterling was choppy as ...
Read more »
Elon Musk tweet about Tesla violates settlement agreement, US regulator tells courtA tweet about Tesla Inc production targets by Elon Musk was 'a blatant violation' of a court order to get his written communications pre-approved, ...
Read more »
IKEA ramps up Mexico launch plans, targets capital and major citiesIKEA is scouting Mexico's biggest cities for its first store locations in the country, the furniture retailer said, as it expands in Latin America ...
Read more »
Lazada ramps up efforts to boost seller and brand growthE-COMMERCE firm Lazada on Thursday announced a series of products and services aimed at accelerating the growth of its brands and sellers. The offerings are meant to resolve pain points that merchants face in marketing, branding and sales. Read more at The Business Times.
Read more »
Lazada ramps up efforts to boost seller and brand growthALIBABA-backed e-commerce firm Lazada on Thursday announced a series of products and services aimed at accelerating the growth of its brands and sellers, and resolving the pain points that merchants face in marketing, branding and sales. Read more at The Business Times.
Read more »