British tech pioneer Mike Lynch acquitted of fraud charges in US trial

From Investing.com: 2024-06-06 20:00:43

Autonomy founder Mike Lynch was acquitted of fraud in San Francisco, a huge win after legal troubles from HP’s $11 billion purchase in 2011. Lynch and former finance executive Stephen Chamberlain were both cleared of all charges, ending a saga of revenue inflation accusations.

The trial revealed schemes to inflate Autonomy’s revenue, leading to an $8.8 billion write-down by HP. Lynch, once compared to Jobs and Gates, expressed delight at the verdict and looks forward to returning to the UK.

Despite the acquittal, Lynch remains entangled in legal battles. HP won a civil lawsuit against him in 2022, seeking $4 billion in damages. Lynch’s groundbreaking research at Cambridge led to the creation of Autonomy, which was aimed to boost HP’s software business but instead resulted in years of legal strife.



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