tech giant HPten years ago software company Autonomy He won a multi-billion dollar lawsuit against British businessman Mike Lynch, whom he accused of fraud after the acquisition. UK Supreme Court decision, British entrepreneur by Mike Lynch It also removed the barrier to his possible extradition to the United States.
Hewlett-Packard (HP) bought Autonomy for $11 billion in 2011, but the following year, most of the company’s stock collapsed due to a corporate fiasco in Autonomy. This meant that Autonomy, which was purchased for $11 billion, dropped to a valuation of $9 billion in just one year.
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HP to get $5 billion from Mike Lynch lawsuit
Hewlett Packard HP, also known as HP, has filed a lawsuit accusing Lynch and Autonomy’s former chief financial officer, Sushovan Hussain, of artificially inflating the company’s revenues and committing “deliberate fraud”. Britain’s Supreme Court Justice Robert Hildyard presented a summary of his conclusions in court and stated that HP’s case against the swindling couple $5 billion compensation He said he won his claim.
England’s biggest civil fraud case This file, which is stated to be the case, was almost concluded in 2019. Hussain was previously convicted in a US court and sentenced to five years in prison. Now Lynch; He will fight his extradition to the United States, where he faces criminal charges including electronic fraud, securities fraud, and fraudulent conspiracy charges.
The British entrepreneur’s lawyers denied the allegations and said the businessman should face any criminal case in the UK. Stating that the USA will consider the court decision while evaluating the extradition request, British Home Secretary Priti Patel has a few days to decide.