HP promises a full court hearing as fraud investigation continues

HP to Mike Lynch: We’ll see you in court

HP has told Mike Lynch, founder of Autonomy, to prepare to testify in court over the allegations that his company artificially inflated its value prior to its acquisition.

According to PC Pro, the statement came out as a response to Dr. Lynch’s public demands for full disclosure of the allegations.

“Having no details beyond the limited public information provided last week, and still with no further contact from you, I am writing today to ask you, the board of HP, for immediate and specific explanations for the allegations HP is making,” wrote Dr. Lynch.

“HP should provide me with the interim report and any other documents which you say you have provided to the SEC and the SFO [Serious Fraud Office] so that I can answer whatever is alleged, instead of the selective disclosure of non-material information via background discussions with the media.”

However, HP simply responded with a promise to have the full allegations examined in court.

“While Dr. Lynch is eager for a debate, we believe the legal process is the correct method in which to bring out the facts and take action on behalf of our shareholders,” said HP’s statement.

“In that setting we look forward to hearing Dr. Lynch and other former Autonomy employees answer questions under the penalty of perjury.

“The matter is in the hands of the authorities, including the U.K. Serious Fraud Office, the U.S. Securities and Exchange Commission’s Enforcement Division and the U.S. Department of Justice, and we will defer to them as to how they wish to engage with Dr. Lynch. In addition, HP will take legal action against the parties involved at the appropriate time.”

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