:Autonomy founder Mike Lynch was acquitted of fraud on Thursday by a jury in San Francisco, a major win for the entrepreneur who has been dogged by legal problems since the disastrous sale of his company to Hewlett-Packard (HP) for $11 billion in 2011.Representatives for Lynch and U.S.
:Autonomy founder Mike Lynch was acquitted of fraud on Thursday by a jury in San Francisco, a major win for the entrepreneur who has been dogged by legal problems since the disastrous sale of his company to Hewlett-Packard for $11 billion in 2011.
Former Autonomy finance executive Stephen Chamberlain, who faced the same charges at trial alongside Lynch, was also acquitted on all counts, the Lynch representative said. The Autonomy sale was one of the biggest British tech deals at the time but quickly went sour, with HP writing down Autonomy's value by $8.8 billion within a year.
Lynch also took the stand in his own defense at the trial, denying wrongdoing and telling jurors that HP botched the two companies' integration. Prosecutors said Lynch and Chamberlain padded Autonomy's finances in several ways, including back-dated agreements and"round-trip" deals that fronted cash to customers through fake contracts.
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