Law
fromBusiness Matters
1 week agoMike Lynch estate faces wipeout after $1.24bn HPE damages ruling
Mike Lynch's estate faces $1.24 billion damages to HPE, jeopardizing its financial viability after a high-profile corporate fraud case.
In a lengthy 2022 judgment, Mr Justice Hildyard concluded that Lynch and Autonomy's former chief financial officer Sushovan Hussain had fraudulently inflated the software company's revenues and misrepresented its performance before selling it to HP for $11 billion. Although the judge said HP would still have proceeded with the deal had it known the true state of Autonomy's finances, he ruled that Lynch and Hussain had deliberately misled the buyer.