Autonomy’s Mike Lynch acquitted after US fraud trial brought by HP

After being acquitted of criminal charges, former Autonomy chief executive Mike Lynch has ended a 13-year legal battle with Hewlett-Packard, one of Silicon Valley’s biggest fraud cases. The charges stemmed from allegations of falsely inflating revenues at the UK startup prior to its $11 billion sale to HP in 2011.

Following the verdict, Lynch expressed his joy and gratitude towards the jury for their attention to the facts during the trial. He also thanked his legal team and expressed his eagerness to return to the UK to be with his family and continue innovating in his field.

Lynch was cleared of 15 counts of fraud and conspiracy related to the 2011 acquisition after a 12-week trial.

The victory for Lynch is significant considering the low percentage of federal criminal cases that result in trial and acquittal in the US, as highlighted by the Pew Research Center.

Legal counsel for Lynch, Christopher Morvillo and Brian Heberlig, praised the jury’s verdict as a rejection of the government’s alleged overreach in the case. They emphasized Lynch’s innocence and expressed relief that the truth had prevailed after years of legal battles.

Lynch had been extradited to the US and placed under house arrest and surveillance prior to the trial. He consistently maintained that he was unfairly targeted by HP and blamed for its mismanagement of Autonomy’s assets.

Despite making a substantial profit from the sale of Autonomy to HP, Lynch was accused of inflating revenues and concealing important financial information.

During the trial, Lynch successfully argued that he was not involved in accounting matters and focused on technical and marketing aspects of the business.

The US jury exonerated Lynch and his co-defendant, Stephen Chamberlain, on all counts, leading to their acquittal.

The US attorney’s office in San Francisco acknowledged and respected the verdict, thanking the jury for their attention to the evidence presented during the trial.

Autonomy’s sale to HP was a significant moment for the UK’s tech industry, showcasing its potential in the global market.

Lynch, who co-founded Autonomy in 1996, has been recognized for his contributions to enterprise and has been involved in various tech ventures and investments.