Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Autonomy’s Lynch Says Still Seeking Details From HP

Don't Miss Out —
Follow us on:

Dec. 21 (Bloomberg) -- Mike Lynch, the former chief executive officer of Autonomy Corp. facing allegations that he miscategorized sales before selling the company to Hewlett-Packard Co., said he’s waiting for evidence from the company to back up the accusations.

Lynch said he will be reviewing Hewlett-Packard’s annual 10-K regulatory filing that’s due to be filed with the U.S. Securities and Exchange Commission by Dec. 31, to see if it sheds more light on why he’s been accused of wrongdoing. Hewlett-Packard hasn’t explained its claims since publishing the allegations on Nov. 20, Lynch said. Chief Executive Officer Meg Whitman is aiming to eke growth from Autonomy, which she and fellow board members agreed to buy for $10.3 billion last year.

“We do not understand the allegations, or how they could possibly add up to a writedown of over $5 billion,” Lynch said in a letter posted to the website that he’s using to fight Hewlett-Packard’s allegations.

Howard Clabo, a spokesman for Palo Alto, California-based Hewlett-Packard, declined to comment.

Lynch is fighting allegations by Whitman that misrepresentations by Autonomy caused Hewlett-Packard to value the company incorrectly, leading to a $8.8 billion writedown. Of that, $5 billion came from improperly booked sales, Hewlett-Packard said. Hewlett-Packard has said that it turned over evidence to regulators including the Securities and Exchange Commission.

To contact the reporter on this story: Adam Satariano in San Francisco at asatariano1@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.