LONDON: British entrepreneur Mike Lynch artificially inflated revenue at his Autonomy software company before selling it to Hewlett Packard for US$11 billion, the U.S. firm's lawyer told a London court on Monday.
HP had bought big data firm Autonomy with the aim of making it the centerpiece of a plan to transform HP from a computer and printer maker into a software-focused enterprise services firm, a shift that rival IBM had already pulled off. Lawyer Laurence Rabinowicz QC, representing HP, told London's High Court that Lynch and Hussain had knowingly been involved in"widespread and systematic false accounting" to create a materially false picture of Autonomy's finances.
Lynch observed proceedings from a back corner of the courtroom, occasionally scribbling notes or sending messages on his phone.
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