British tech founder Mike Lynch testifies at his US trial over HP deal
-Mike Lynch, the tech founder once hailed as Britain's answer to Steve Jobs, took the stand in his own defense on Thursday in San Francisco federal court as his trial on charges of bilking Hewlett-Packard in an $11 billion deal to acquire his company nears its end.The deal was a huge loss for the Silicon Valley company. HP wrote down Autonomy's value by $8.8 billion in 2012, saying it had uncovered serious accounting improprieties.
Prosecutors say the pair padded Autonomy's finances through back-dated agreements and"round-trip" deals that fronted cash to customers through fake contracts. Lynch's legal team has argued at trial that HP was so eager to bag Autonomy and shut out potential competitors that it rushed through due diligence before the sale.
Hussain was separately convicted in 2018 at a trial in the same court. He was released from U.S. prison in January after serving a five-year sentence.
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