The saga of the fight between Hewlett-Packard and Autonomy continued on stage today when Autonomy founder Mike Lynch repeated his allegation that HP has “never made” any formal representation to him or other former directors of the company regarding its controversial write-down of the acquisition.
On 18 August 2011 Hewlett Packard purchase Autonomy for $42.11 per share, around $10.2 billion. But while the transaction was unanimously approved by the boards of directors of both HP and Autonomy, there was a significant drop in revenue in the previous quarter. Mike Lynch left his role as CEO in May 2012.
Subsequent to that in November 2012 Hewlett-Packard announced that it was taking an $8.8 billion accounting charge, after claiming “serious accounting improprieties” and “outright misrepresentations” at Autonomy.
Lynch has always hit back with the counter-allegation that the problems were due to HP’s running of Autonomy, citing “internecine warfare” within the organization.
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