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News and Trends

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
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)