Former Autonomy CEO Mike Lynch claims Hewlett-Packard is ‘watering down’ accusations against him
Former chief executive of Autonomy, Mike Lynch, has released a statement claiming that Hewlett-Packard is watering down the accusations it had levelled against him over the accounts filed by his old software company and that he has not heard from the US Department of Justice, which HP had revealed had opened an investigation into the dispute.
Lynch further suggested that HP has "failed to provide a detailed calculation" of the $8.8bn (£5.4bn) write-down in the value of Autonomy in an end-of-year SEC filing. This lack of specificity from HP amounted to a "material change" in the allegations made.
At the time when HP announced it was taking an $8.8 billion charge against the $11.1 billion it had paid for Autonomy, which stemmed from "accounting improprieties, disclosure failures and misrepresentations", Lynch said: "Simply put, these allegations are false and in the absence of further detail we cannot understand what HP believes to be the basis for them.”