Hewlett Packard took an $8.8 billion charge for their 2011 acquisition of Autonomy Corp.back in November. HP accused Autonomy CEO Mike Lynch of fraud and even considered filing a lawsuit against him. Some new details about the acquisition have emerged according to The Wall Street Journal. The WSJ reports that HP executives had learned about some accusations against Autonomy beforehand, but decided to ignore them.
Mike Lynch Posts
Hewlett Packard announced earlier this month that they would be taking an $8.8 billion charge over Autonomy due to “accounting improprieties,” “disclosure failures,” and “outright misrepresentations.” Former Autonomy CEO Mike Lynch believes that he is being used as a scapegoat. Below is a letter that Dr. Mike Lynch wrote to the board of directors at HP.
Hewlett Packard is going to take an $8.8 billion charge for its 2011 acquisition of software company Autonomy. HP said that they were disappointed of some of the “accounting improprieties” and misrepresentations that Autonomy had.