Already a Bloomberg.com user?
Sign in with the same account.
Mike Lynch, the former chief executive officer of Autonomy Corp. facing allegations that he miscategorized sales before selling the company to Hewlett- Packard Co. (HPQ), 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 firstname.lastname@example.org
To contact the editor responsible for this story: Tom Giles at email@example.com