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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Mike Lynch, British tech entrepreneur, acquitted of HP fraud.

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Autonomy Founder Mike Lynch Faces Fraud Charges in US

Mike Lynch arriving at federal court in San Francisco on Monday

Lynch was acquitted on all 15 charges—one conspiracy and 14 wire fraud—according to Lynch and US prosecutors.

The Lynch representation stated that former Autonomy finance chief Stephen Chamberlain, who faced the same allegations as Lynch, was acquitted on all counts.

The trial, in which Lynch and Chamberlain were accused of inflating Autonomy’s earnings, was the latest judicial battle over the failed agreement.

The Autonomy sale, one of the largest British IT deals at the time, failed after HP wrote down its worth by $8.8 billion inside a year.

Lynch, who has been compared to Steve Jobs and Bill Gates, stated, “I am elated with today’s verdict.” “I am excited to return to the UK, reconnect with my family and innovate in my field.”

Abraham Simmons, US Attorney spokeswoman, said: “We acknowledge and respect the verdict.”

Lynch, a Cambridge University graduate, said that HP mishandled the two firms’ integration and denied wrongdoing.

Lynch and Chamberlain used back-dated and phony contracts to boost Autonomy’s finances, according to prosecutors.

Lynch’s lawyers claimed at trial that HP hurried due diligence to buy Autonomy ahead of competitors.

Lynch founded Autonomy, Britain’s largest software firm and FTSE 100 member, on Cambridge University’s groundbreaking research.

Academics and scientists praised him and requested that he assist the British government with technology and innovation. HP bought Autonomy to boost its software business. Instead, it sparked heated and costly judicial battles. Although the extent of HP’s victory in the 2022 London legal case against Lynch and Hussain is still unknown, The business wants $4 billion.

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