HP to Autonomy's ex-CEO Lynch: Have Your Say in Court, Under Threat of Perjury
November 28, 2012 12:25 PM
comment(s) - last by
HP is not moved by Dr. Lynch's "open letter"
and the top brass at Hewlett-Packard Comp. (
) show no signs of backing down from allegations that Autonomy's former owners committed approximately
$5B USD in accounting "improprieties"
, which they suggest amount to fraud. Even as Autonomy's former CEO, co-founder, and co-owner Dr. Mike Richard Lynch fired back with an
regarding errors in HP's accusations, HP has released a new statement making it abundantly clear that it feels it is in the right and plans to press potential criminal penalties via regulators.
In the statement HP acknowledges for the first time officially that UK regulators and their counterparts at the
U.S. Federal Bureau of Investigation
U.S. Security and Exchange Commission
are investigating Autonomy
. The company
The matter is in the hands of the authorities, including the UK Serious Fraud Office, the US Securities and Exchange Commission’s Enforcement Division and the US Department of Justice, and we will defer to them as to how they wish to engage with Dr. Lynch. In addition, HP will take legal action against the parties involved at the appropriate time.
It adds menacingly:
While Dr. Lynch is eager for a debate, we believe the legal process is the correct method in which to bring out the facts and take action on behalf of our shareholders. In that setting, we look forward to hearing Dr. Lynch and other former Autonomy employees answer questions under penalty of perjury.
That statement would certainly seems, in a roundabout way, to accuse Dr. Lynch of engaging in further obfuscation/lies in his public statements.
HP suggests ex-Autonomy Corp. CEO, Dr. Mike Lynch, is risking perjuring himself if he repeats his current statements. [Image Source: HP]
The battle between HP and Autonomy's former employees/owners is an intriguing one as it also pits two of the world's largest accounting firms against each other. Autonomy's accounting was done by
, which in a comment to
stated, "[All Autonomy accounting was done] in full compliance with regulation and professional standards."
But according to HP's own accounting super-power,
, forensic audits confirmed grave accounting malfeasance in Autonomy's books.
By the sound of it, the pair is headed on a collision course both in civil court, and potentially in criminal court if UK or U.S. officials determine criminal charges are warranted.
HP claims it was blindsided by Autonomy's "hidden" downsides. [Image Source: Autonomy]
The pending battle is a big risk for HP. While it faces serious image damage in the eyes of consumers by bringing attention to the ugly mess, the move does have a potential payoff to shareholders if HP can win back some of the billions it lost on the purchase in court. However, should HP's claims be invalidated, the company could see all that image damage be for naught, a nightmarish scenario in which both shareholders and corporate image would suffer.
Mike Lynch via the WSJ [PDF]
This article is over a month old, voting and posting comments is disabled
RE: Let buyer beware?
11/28/2012 6:45:58 PM
They knew what they were doing
I assume "they" are the shareholders of Autonomy when "they" laughed all the way to the bank?
RE: Let buyer beware?
11/29/2012 9:54:05 AM
"They" are HP management, who knew that they were paying too much for Autonomy.
"I modded down, down, down, and the flames went higher." -- Sven Olsen
Ex-Autonomy Owner Blast HP's Accusations
November 26, 2012, 12:43 PM
FBI Probes Possible Criminal Accounting Fraud at HP Unit Autonomy
November 21, 2012, 4:02 PM
HP Posts Horrific Guidance, Will Take $8.8B USD Hit on "Improprieties"
November 20, 2012, 9:27 AM
HP CEO Apotheker Fired, Meg Whitman Tapped as His Replacement
September 22, 2011, 4:17 PM
LinkNYC Terminals to Blanket New York City With Free WiFi, Free Calls, and Ads
November 17, 2014, 6:50 PM
Microsoft is Open-Sourcing Most of .NET, Adding OS X and Linux Support
November 12, 2014, 8:27 PM
Home Depot Lost 53 Million Emails, Blames Windows, Buys Execs New Macs
November 9, 2014, 5:00 PM
Former NSA Lawyer: If Google, Apple Encrypt User Data, They’ll Wither on the Vine Like Blackberry
November 6, 2014, 12:15 PM
Report: AT&T Eyeing $40B DirecTV Purchase
May 1, 2014, 8:00 AM
WebOS Class Action Settlement Costs HP $57 Million
April 1, 2014, 10:22 AM
Most Popular Articles
Under the Hood: How DirectX 11.3 and 12 Will Supercharge Windows 10 Gaming
January 23, 2015, 12:34 PM
2016 Cadillac CTS-V Packs 640 hp Punch with 200 mph Reach
January 23, 2015, 3:25 PM
Google Fixes Homophobic "Bug" in its Translator
January 27, 2015, 2:31 PM
Microsoft Shows Off Latest Windows 10 Build, Preps it for Next Week Release
January 21, 2015, 2:57 PM
Microsoft to Close Nokia Store, May Lose Over a Hundred Thousand Apps
January 26, 2015, 11:15 AM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information