Autonomy trial judge gets SaaSy with HPE's lawyer over vital accounts fraud claim

Autonomy trial judge gets SaaSy with HPE's lawyer over vital accounts fraud claim

5 years ago
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https://www.theregister.co.uk/2019/03/26/autonomy_trial_judge_question_saas_hybrid_revenues_hpe/

Autonomy trial The judge in the Autonomy trial at London's High Court has questioned a key plank of HPE's case against former execs Mike Lynch and Sushovan Hussain, asking whether Autonomy's accounting practices were in fact fraudulent – which is what HPE has alleged.

In 2011, HP bought Autonomy – a maker of software to keep track of unstructured data, founded by Mike Lynch in the UK – for $11bn. After the buyout, the US firm had to write down the value of Autonomy by $8.8bn, claiming it took the hit because the British firm had "misrepresented" its value. The former Autonomy CEO denies this. HPE is now suing Lynch and Autonomy financial chief Sushovan Hussain in England at London's High Court, asking to be awarded $5bn in damages. Over in the States, prosecutors are pursuing a separate criminal case against Lynch and Autonomy bean-counter Stephen Chamberlain.

Autonomy trial judge gets SaaSy with HPE's lawyer over vital accounts fraud claim

Mar 26, 2019, 2:18pm UTC
https://www.theregister.co.uk/2019/03/26/autonomy_trial_judge_question_saas_hybrid_revenues_hpe/ > Autonomy trial The judge in the Autonomy trial at London's High Court has questioned a key plank of HPE's case against former execs Mike Lynch and Sushovan Hussain, asking whether Autonomy's accounting practices were in fact fraudulent – which is what HPE has alleged. > In 2011, HP bought Autonomy – a maker of software to keep track of unstructured data, founded by Mike Lynch in the UK – for $11bn. After the buyout, the US firm had to write down the value of Autonomy by $8.8bn, claiming it took the hit because the British firm had "misrepresented" its value. The former Autonomy CEO denies this. HPE is now suing Lynch and Autonomy financial chief Sushovan Hussain in England at London's High Court, asking to be awarded $5bn in damages. Over in the States, prosecutors are pursuing a separate criminal case against Lynch and Autonomy bean-counter Stephen Chamberlain.