Hewlett-Packard botched its US$11.1 billion acquisition of Autonomy and then tried to cover up its own mismanagement by accusing the British ...
LONDON: Hewlett-Packard botched its US$11.1 billion acquisition of Autonomy and then tried to cover up its own mismanagement by accusing the British software company's founder Mike Lynch of fraud, a London court was told on Wednesday.
HP's lawyers told the court when the case opened this week that Autonomy had inflated its true value through a series of fraudulent transactions, such as selling hardware at a loss and so-called round-trip deals - a type of barter with no real commercial rationale - masterminded by Lynch. As the case opened on Monday, HP's lawyer Laurence Rabinowitz QC said the U.S. company had been led to believe it was buying a fast-growing, pure software company.
Lynch's lawyer told the court that it was absurd to think the 53-year-old was making detailed, day-to-day accounting decisions. Rather he relied on a finance department overseen by an audit committee and the company's auditors, Miles said.
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