{"id":21011,"date":"2022-01-29T06:03:21","date_gmt":"2022-01-29T11:03:21","guid":{"rendered":"http:\/\/worldjusticenews.com\/news\/?p=21011"},"modified":"2022-01-29T06:03:21","modified_gmt":"2022-01-29T11:03:21","slug":"hp-wins-multibillion-dollar-fraud-case-over-autonomy-sale","status":"publish","type":"post","link":"https:\/\/worldjusticenews.com\/news\/2022\/01\/29\/hp-wins-multibillion-dollar-fraud-case-over-autonomy-sale\/","title":{"rendered":"HP wins multibillion-dollar fraud case over Autonomy sale"},"content":{"rendered":"<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\"><b class=\"ssrcss-hmf8ql-BoldText e5tfeyi3\">Hewlett Packard (HP) has won a multibillion-dollar fraud case over its acquisition of a British software company.<\/b><\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Cambridge-based Autonomy was sold to the US tech giant for $11bn in 2011.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">HP sued its founder and former chief financial officer, claiming they &#8220;artificially inflated Autonomy&#8217;s reported revenues, revenue growth and gross margins&#8221;.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Mr Justice Hildyard said HP had &#8220;substantially won&#8221; its case.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"unordered-list-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<div class=\"ssrcss-1pzprxn-BulletListContainer e5tfeyi0\">\n<ul role=\"list\">\n<li><a class=\"ssrcss-9nsdc6-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-57933718\" target=\"_blank\" rel=\"noopener\">&#8216;UK extradition treaty doesn&#8217;t rely on any facts&#8217;<\/a><\/li>\n<li><a class=\"ssrcss-9nsdc6-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-48260772\" target=\"_blank\" rel=\"noopener\">Autonomy ex-finance boss sentenced to jail<\/a><\/li>\n<li><a class=\"ssrcss-9nsdc6-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-47691083\" target=\"_blank\" rel=\"noopener\">Autonomy boss in &#8216;deliberate fraud&#8217;<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">His conclusions, read out at the High Court in London, come more than two years after the start of what was believed to be the UK&#8217;s biggest civil fraud trial, which was heard over nine months in 2019.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">The judge said the amount of damages to be paid would be dealt with at a later date.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">He has circulated his full ruling on the civil claim by HP to the parties and their legal teams, but it has not yet been published and remains strictly under embargo.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Home Secretary Priti Patel is also due to make a decision about whether Autonomy founder and entrepreneur Mike Lynch should be extradited to the US, where he faces fraud charges in a separate criminal case.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">US authorities claim Dr Lynch, who denies all charges against him, deliberately overstated the value of his business, which specialised in software to sort through large data sets.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">On Wednesday, Ms Patel was given until midnight on Friday to decide on his extradition, after a High Court judge ruled against Dr Lynch&#8217;s legal challenge over a previously set deadline.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Ms Patel had wanted to consider Mr Justice Hildyard&#8217;s ruling on the High Court civil claim before making an extradition decision.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Dr Lynch, from Suffolk, argued the technology giant was trying to make him &#8220;a scapegoat for their failures&#8221;.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">His former chief financial officer Sushovan Hussain was convicted in April 2018 in the US of wire fraud and other crimes related to Autonomy&#8217;s sale and was jailed for five years.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">In the separate criminal proceedings in the US, Dr Lynch faces charges of securities fraud, wire fraud and conspiracy in a federal court over the sale of Autonomy.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">Dr Lynch&#8217;s lawyer, Kelwin Nicholls of Clifford Chance, said his client intends to appeal and called the outcome of the hearing &#8220;disappointing&#8221;.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">He said: &#8220;We note the judge&#8217;s concerns over the reliability of some of HP&#8217;s witnesses.<\/p>\n<\/div>\n<\/div>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i85\" data-component=\"text-block\">\n<div class=\"ssrcss-17j9f6r-RichTextContainer e5tfeyi1\">\n<p class=\"ssrcss-1q0x1qg-Paragraph eq5iqo00\">&#8220;We also note the judge&#8217;s expectation that any loss suffered by HP will be substantially less than the $5bn claimed.&#8221;<\/p>\n<p>Source: <a href=\"https:\/\/www.bbc.co.uk\/news\/uk-england-cambridgeshire-60170510\" target=\"_blank\" rel=\"noopener\">bbc.co.uk<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\">Hewlett Packard (HP) has won a multibillion-dollar fraud case over its acquisition of a British software company. Cambridge-based Autonomy was sold to the US tech giant for $11bn in 2011. HP sued its founder and <a class=\"mh-excerpt-more\" href=\"https:\/\/worldjusticenews.com\/news\/2022\/01\/29\/hp-wins-multibillion-dollar-fraud-case-over-autonomy-sale\/\" title=\"HP wins multibillion-dollar fraud case over Autonomy sale\">[&#8230;]<\/a><\/div>\n","protected":false},"author":1,"featured_media":21012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[109,2,4],"tags":[8270,6292,5867,2707,305,8269,592],"class_list":{"0":"post-21011","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headline","8":"category-news","9":"category-uk","10":"tag-autonomy","11":"tag-cambridge","12":"tag-cambridgeshire","13":"tag-extradition","14":"tag-fraud","15":"tag-hewlett-packard","16":"tag-high-court","17":"pmpro-has-access"},"_links":{"self":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/21011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/comments?post=21011"}],"version-history":[{"count":2,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/21011\/revisions"}],"predecessor-version":[{"id":21014,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/21011\/revisions\/21014"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/media\/21012"}],"wp:attachment":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/media?parent=21011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/categories?post=21011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/tags?post=21011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}