Lynch slams HP’s actions as misleading in Autonomy probe

Oliver Smith
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FORMER Autonomy chief executive Mike Lynch hit out at HP yesterday calling the US tech giant’s actions misleading in the investigation into Autonomy’s finances.

Autonomy is currently at the centre of fraud investigations by the Serious Fraud Office and the US Department of Justice for its allegedly inflated profits prior to its $11bn (£6.74bn) takeover by HP in 2011, which led to HP taking a $5.5bn write down on the deal.

“The evidence shows that HP is not just smearing us, but also misleading you, its shareholders,” said Lynch in a letter to HP shareholders yesterday.

Lynch claims HP fully understood Autonomy’s accounting practices prior to the acquisition.

“As HP has previously reported, it uncovered numerous accounting irregularities at Autonomy before its acquisition by HP. HP reported those irregularities to appropriate civil and criminal regulators in the US and UK,” said HP.

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