Autonomy's Former Execs Fight Back After HP Sues for $5.1 Billion

Autonomy's Former Execs Fight Back After HP Sues for $5.1 Billion
Image credit: REUTERS | Stephen Lam
1 min read
This story originally appeared on Reuters

British IT entrepreneur Mike Lynch will file a counter claim against HP, he said on Tuesday, a day after the U.S. company lodged a claim against him and his former colleague Sushovan Hussain for damages of $5.1 billion over his management of Autonomy, the British IT company it bought in 2011.

Autonomy was supposed to be the $11.1 billion centerpiece of a shift into software for HP, but the deal turned sour a year later when it wrote off three quarters of the company's value, accusing Lynch and his colleagues of financial mismanagement.

A HP spokeswoman confirmed the company had filed a claim against Lynch and Hussain in London's Chancery Division High Court alleging they engaged in fraudulent activities while executives at Autonomy.

"The lawsuit seeks damages from them of approximately $5.1 billion," the spokeswoman said.

(Reporting by Paul Sandle; editing by Susan Thomas)

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur