Hewlett-Packard is to pay $100m (£65m) to settle a lawsuit brought by a Dutch pension fund over its controversial $11bn purchase of British software firm Autonomy.
Hewlett-Packard has unveiled full details of its $5bn (£3.3bn) fraud case against the founder of the UK software company Autonomy, claiming that Mike Lynch inflated the revenues of his business by about $700m over a two-and-a-half-year period.
Hewlett-Packard has launched a $5bn (£3.4bn) claim in the high court against Cambridge software entrepreneur Mike Lynch and his former finance director Sushovan Hussain.
An email from a former finance director of UK software group Autonomy suggested the company was heading for a financial "plane crash" towards the end of 2010, according to lawsuit filed in the US by Hewlett-Packard.
Autonomy, the leading British technology firm whose former management is accused of inflating its value, sold $23m of software to a small Washington reseller in the year to December 2009. In February 2010, as some of the money began to fall due, Autonomy bought the company.
Hewlett-Packard has revealed it plans to sue the UK arm of Deloitte, auditor of the Cambridge software firm Autonomy that HP bought for $11bn (£6.6bn) before writing off nearly half the company's value and accusing the former management of accounting improprieties.
Autonomy's $11bn (£6.6bn) sale to Hewlett-Packard faces further scrutiny after documents cast doubt over the structure of some transactions conducted by the British software firm before its takeover.
Three years ago, Mike Lynch was the founder of Britain's most successful software company, which was sold to the US computing giant Hewlett-Packard for a breathtaking $11bn (£6.6bn).