After a lengthy trial in San Francisco, British tech mogul, Mike Lynch, has been declared innocent of fraud charges relating to the $11 billion sale of his software company, Autonomy, to Hewlett-Packard (HP) in 2011.
Lynch faced accusations of inflating the value of Autonomy before its acquisition, but a jury unanimously acquitted him of all charges.
Throughout the trial, Lynch maintained his innocence, emphasizing his focus on technology rather than accounting practices.
He distanced himself from other executives involved in the sale, including the company’s former chief financial officer, who had already been convicted of fraud.
Expressing relief at the verdict, Lynch stated, “I am elated with today’s verdict and grateful to the jury for their attention to the facts over the last 10 weeks.”
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He added that he looks forward to returning to the UK to reunite with his family and continue innovating in his field.
Lynch, a graduate of the University of Cambridge, co-founded Autonomy in 1996, guiding it to become one of the UK’s leading companies.
Known for its software capable of extracting information from various sources, Autonomy’s sale to HP marked a significant milestone in British technology business history.
Following the acquisition, however, HP wrote down Autonomy’s value by $8.8 billion just a year later, sparking years of legal battles.
Lynch’s extradition to the US came after a UK judge ruled in HP’s favour in a civil fraud case in 2022, where HP sought approximately $4 billion in damages.
Despite facing extradition and house arrest in the US, Lynch remained steadfast in his defense during the trial.
His legal team argued that HP had failed to conduct proper due diligence and mismanaged the acquisition, while he testified to his lack of involvement in the transactions under scrutiny.
The trial, which began in March, saw prosecutors calling numerous witnesses, including former HP CEO Leo Apotheker.
However, the jury ultimately sided with Lynch, delivering a verdict of not guilty on all counts.
In response to the verdict, a spokesperson for the US Attorney’s Office acknowledged and respected the decision.
Lynch’s lawyers expressed their satisfaction with the outcome, labeling it a “rejection of the government’s profound overreach in this case” and affirming that “the truth has finally prevailed.”
Alongside Lynch, another former finance executive at Autonomy, Stephen Chamberlain, was also cleared of charges, bringing an end to a lengthy legal saga that has spanned over a decade.
