The co-founder and former head of Autonomy has insisted that the Hewlett-Packard fiasco will not affect his new technology fund, which raised $1 billion from investors.
Mike Lynch, who founded the British software company accused by Hewlett-Packard of falsifying finances, said that while he may have used some of the contested accounting and sales methods, they were all legal.
Former Autonomy Corp. Chief Executive Officer Mike Lynch said the claim by Hewlett Packard Co. that more than $200m in improperly recorded revenue led to a $5bn writedown doesn’t make sense.
Hewlett-Packard CEO Meg Whitman strongly defended the company's response to a brewing accounting scandal in a recently acquired software unit, saying that Autonomy's executives engaged in a "willful effort" to mislead HP's shareholders and management.
Autonomy founder Mike Lynch told CNBC Tuesday he was "shocked" by allegations of accounting fraud, which caused HP to post an $8.8 billion charge and sent its stock reeling.