HP Suing Autonomy Bosses Over Alleged Fraud

Hewlett-Packard (HP) is to set to sue the former chief executive of Autonomy.

HP has accused Michael Lynch of fraud as an on-going row grows over its troubled purchase of the British software company three years ago.

The US technology giant is also suing Autonomy's former chief financial officer Sushovan Hussain, who tried to intervene in three shareholder lawsuits earlier this year.

After HP settled the case with shareholders over billions of pounds lost in its acquisition of Autonomy, Mr Hussain tried to block the settlement blaming the company for failures.

HP bought Autonomy in 2011 for $11.1bn (£6.6bn), but had to write down $8.8bn (£5.2bn) of the company's value a year later.

It went on to accuse the executives of accounting fraud and now has the backing of shareholders to launch lawsuits against them.

Filling the case at a court on Monday, HP said: "The shareholder plaintiffs who originally sued HP's directors and officers now agree that Hussain, along with Autonomy's founder and CEO, Michael Lynch, should be held accountable for this fraud."

It added: "The notion that (Hussain) should be permitted to intervene and challenge the substance of a settlement designed to protect the interests of the company he defrauded is ludicrous."

Mr Lynch and Mr Hussain have denied any wrongdoing.

The former Autonomy bosses responded: "This breathless ranting from HP is the sort of personal smear we've come to expect.

"As the emotional outbursts go up, the access to facts seems to go down.

"Meg Whitman (HP's CEO) is buying off a bunch of lawyers so she doesn't have to answer charges of incompetence and misdirection in front of a judge and jury."

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