Roll No – M2213
Cambridge-based Autonomy was sold to the US tech giant for $11bn in 2011.
HP sued its owner to that they have artificially inflated autonomys revenue report which resulted them to loss
The conclusion of the case was after 2 years of case in which the judge of high court London stated that HP has won the case but the amount of loss which was faced by HP in duration of 2 years was huge and it was considered the biggest fraud case in London .
The judfe circulated his ruling sating that the his full ruling with HP and their legal team and its secret with its embargo , also the secretary was stating that the founder of autonomy Mike Lync should be extradited to US because there too he had a series of fraud crimes under his belt
US officials assert that Dr. Lynch, who rejects all accusations, purposefully exaggerated the value of his company, which specialised in software to sort through massive data sets. Dr. Lynch has denied all allegations.
As a High Court judge rejected Dr. Lynch’s legal argument over a previously established deadline on Wednesday, Ms. Patel was granted until midnight on Friday to make a decision regarding his extradition.
Before deciding to request extradition, Ms. Patel had intended to take into account Mr. Justice Hildyard’s decision regarding the High Court civil suit.
Dr. Lynch, a Suffolk resident, claimed that the computer giant was attempting to use him as “a scapegoat for its failings.”
In April 2018, his former chief financial officer Sushovan Hussain was found guilty in the US of wire fraud and other offences connected to the sale of Autonomy and sentenced to five years in prison.
Dr. Lynch is accused of securities fraud, wire fraud, and conspiracy in separate criminal proceedings in the US related to the sale of Autonomy.
Doctor Lynch’s attorney, Kelwin Nicholls of Clifford Chance, said that his client will be filing an appeal and described the hearing’s result as “disappointing.”
“We acknowledge the judge’s concerns regarding the credibility of certain of HP’s witnesses,” he said.
We also take note of the judge’s prediction that HP will suffer losses far below the $5 billion sought.