- British IT entrepreneur Mike Lynch will file a counter claim against HP (HPQ.N), he said on Tuesday, a day after the U.S. company lodged a claim against him and his former colleague Sushovan Hussain for damages of $5.1 billion over his management of Autonomy, the British IT company it bought in 2011. Autonomy was supposed to be the $11.1 billion centerpiece of a shift into software for HP, but the deal turned sour a year later when it wrote off three quarters of the company's value, accusing Lynch and his colleagues of financial mismanagement.A HP spokeswoman confirmed the company had filed a claim against Lynch and Hussain in London's Chancery Division High Court alleging they engaged in fraudulent activities while executives at Autonomy. "The lawsuit seeks damages from them of approximately $5.1 billion," the spokeswoman said. (Reporting by Paul Sandle; editing by Susan Thomas)
Tuesday, March 31, 2015
Autonomy former-CEO counter sues HP after it lodges $5.1 billion claim
- British IT entrepreneur Mike Lynch will file a counter claim against HP (HPQ.N), he said on Tuesday, a day after the U.S. company lodged a claim against him and his former colleague Sushovan Hussain for damages of $5.1 billion over his management of Autonomy, the British IT company it bought in 2011. Autonomy was supposed to be the $11.1 billion centerpiece of a shift into software for HP, but the deal turned sour a year later when it wrote off three quarters of the company's value, accusing Lynch and his colleagues of financial mismanagement.A HP spokeswoman confirmed the company had filed a claim against Lynch and Hussain in London's Chancery Division High Court alleging they engaged in fraudulent activities while executives at Autonomy. "The lawsuit seeks damages from them of approximately $5.1 billion," the spokeswoman said. (Reporting by Paul Sandle; editing by Susan Thomas)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment