Photo: The Telegraph
The man accused of masterminding massive accounting fraud at a company HP paid $11.1 billion to acquire, denies any wrongdoing.HP announced an $8.8 billion writedown this morning, blaming it largely on accounting fraud it says it discovered at Autonomy, which it bought last year. HP is asking US and UK authorities for a criminal investigation.
Mike Lynch was CEO of Autonomy at the time, and stayed on for a few months at HP after the acquisition until he was let go in May. He is denying any wrongdoing. In a statement to Reuters, a spokeswoman for Lynch and the former management of Autonomy denied the allegations.
“The former management team of Autonomy was shocked to see this statement today, and flatly rejects these allegations, which are false,” she said.
“HP’s due diligence review was intensive, overseen on behalf of HP by KPMG, Barclays and Perella Weinberg. HP’s senior management has also been closely involved with running Autonomy for the past year.”
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