Hewlett-Packard botched its $11.1 billion acquisition of Autonomy and then tried...
LONDON - Hewlett-Packard botched its $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.
Lynch denies any wrongdoing and says HP’s mismanagement was responsible for the failure of the acquisition. Hussain also denies any wrongdoing. In his opening argument for Lynch’s defense, Robert Miles QC said HP had only discovered a small number of historical deals which were said to have some or other wrongful feature, despite spending several years and huge sums of money on its search.
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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