Autonomy's Lynch Says Report Shows Hp Not Hoodwinked On $11 Billion Deal

[Ron Burgundy]

Hewlett-Packard Co was made aware of practices at Autonomy, including hardware sales and growth rates boosted by different accounting rules, before it bought the firm for $11 billion in an ill-fated deal, according to founder Mike Lynch. HP is suing Lynch, and former Autonomy finance director Sushovan Hussain, in London for damages of about $5.1 billion for their management of Autonomy, alleging they engaged in fraudulent activities to boost the value of the company. The report, made public after U.S shareholders pursued action in the United States against HP, also shows KPMG told HP the difference between European and U.S. accounting standards could impact historical growth rates for the company.

View the full article