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Share Name | Share Symbol | Market | Type |
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HP Inc | NYSE:HPQ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.1065 | -0.37% | 28.3135 | 28.80 | 28.245 | 28.57 | 1,907,594 | 19:43:35 |
By Robert McMillan
The long-running court battle between Hewlett-Packard Co. and former executives of Autonomy Corp. rages on.
On Thursday, former Autonomy Chief Executive Michael Lynch filed a countersuit against H-P for more than $150 million in damages.
In March, H-P sued Mr. Lynch and his top financial executive, Sushovan Hussain, for $5.1 billion, claiming they willfully inflated the British software maker's finances ahead of the deal.
The Autonomy acquisition proved to be a disaster for H-P. Less than a year after the 2011 acquisition, the company took an $8.8 billion write-down on the deal.
In his countersuit in the High Court of Justice Chancery Division in London, Mr. Lynch put the blame squarely on H-P's management. "HP mismanaged the integration and failed to implement many of the key decisions made pre-acquisition," stated Mr. Lynch's counterclaim.
In a written statement, Mr. Lynch argued that H-P's subsequent portrayal of the deal has been "highly damaging to me and misleading to the stock market."
Mr. Hussain, who isn't a party to Mr. Lynch's legal action, said in a statement: "HP's claims of fraud are false. As the pleadings filed today in the UK show, there was no improper conduct by Autonomy executives, and HP was not deceived."
In court filings, H-P said Autonomy engaged in a number of improper business practices to inflate its finances, including suspicious software-licensing and data-hosting deals. Messrs. Lynch and Hussain have denied these claims.
"Mike Lynch's lawsuit is a laughable and desperate attempt to divert attention from the $5 billion lawsuit HP has filed and the ongoing criminal investigation," H-P said in a written statement. "HP anxiously looks forward to the day Lynch and Hussain will be forced to answer for their actions in court."
In January, the U.K.'s Serious Fraud Office closed a two-year investigation into Autonomy, citing a lack of evidence. A U.S. probe is continuing.
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(END) Dow Jones Newswires
October 01, 2015 18:50 ET (22:50 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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