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Autonomy Trial Former Autonomy CEO Mike Lynch oversaw the launch of what was purported to be a new product line in order to fraudulently pad its revenues, HPE’s lawyers have alleged.
In 2009 Autonomy unveiled its Structured Probabilistic Engine, SPE. This was an extension of the Brit biz's Intelligent Data Operating Layer (IDOL) product, an archiving suite for unstructured data. HPE alleges that far from being a groundbreaking new product, “the launch of SPE was a pretense,” and that it was “merely a repositioning of existing IDOL functionality” to help Autonomy artificially swell its sales figures that year.
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In 2011, HP bought Autonomy, a maker of software to keep track of unstructured data, founded by Mike Lynch in the UK for $11bn.
Buyout - US - IT - Value - Autonomy
After the buyout, the US IT titan wrote down the value of Autonomy by $8.8bn, claiming the British firm had "misrepresented" its value. Lynch, Autonomy CEO at the time of the biz gobble, denies this.
HPE is now suing Lynch and Autonomy financial chief Sushovan Hussain at the High Court in London, England, seeking $5bn in damages regarding the debacle. Over in the US, prosecutors are pursuing a separate criminal fraud case against Lynch and Autonomy bean-counter Stephen Chamberlain. All three men deny any wrongdoing.
Backstory - Register - Passim
For more backstory, see Register passim.
At London's High Court on Thursday, HPE barrister Laurence Rabinowitz QC asked Lynch if he had changed his position on SPE from, in Rabinowitz's summary of his defense, the software being "not a new standalone product but it was new technology," to instead SPE being simply "the marketing name for a set of functions which had been developed to handle structured data?”
“No, I don’t,” replied...
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