Ever since Hewlett-Packard delivered its bombshell allegations against Autonomy, the search engine maker that HP acquired for $11.1 billion last year, the dispute between the sides has fallen into a holding pattern: Autonomy founder Mike Lynch speaks, and HP doesn’t.
The nuts and bolts of HP’s $11.1 billion acquisition of Autonomy are pretty wonky. But we know a good scandal when we see one, and this $8.8 billion loss and the whole “fraud” debacle are shaking up to be one for the record books.
After losing all that money, HP pointed the finger at its subsidiary, alleging that cooked books had made Autonomy appear more valuable than it really was. If the HP thought the former Autonomy team would go quietly into that good night, the Silicon Valley giant was sadley mistaken. Former Autonomy CEO Mike Lynch has loudly maintained his innocence, and now Business Insider reports that he’s started a blog to defend against the allegations.
In the hours since Hewlett-Packard stunned investors by announcing an $8.8 billion loss on its acquisition of Autonomy, competing narratives have emerged to describe just what went wrong.
H-P spoke first, explaining that “accounting improprieties” and “outright misrepresentations” committed before it acquired the British search engine maker for $11.1 billion last year led to Read More