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.
But a year later HP wrote down the value of Autonomy by US$8.8 billion, saying it had uncovered serious accounting improprieties. These have led it to pursue Britain's biggest-ever fraud trial against Lynch and Hussain. A spokeswoman for Lynch said in an emailed statement:"Mike Lynch is pleased to finally have the opportunity to respond in court to HP's accusations. There was no fraud at Autonomy."
Lynch observed proceedings from a back corner of the courtroom, occasionally scribbling notes or sending messages on his phone.
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