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HPQ HP Inc

28.405
-0.015 (-0.05%)
Last Updated: 20:29:17
Delayed by 15 minutes
Share Name Share Symbol Market Type
HP Inc NYSE:HPQ NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -0.015 -0.05% 28.405 28.80 28.245 28.57 2,243,186 20:29:17

UK's SFO Ends Probe into Hewlett-Packard's Autonomy Deal

19/01/2015 1:46pm

Dow Jones News


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By Lisa Fleisher

LONDON--Britain's Serious Fraud Office said Monday it has closed its probe into the sale of U.K. software company Autonomy to Hewlett-Packard Co.(HPQ).

The agency, in a short statement, said that it found insufficient evidence related to some allegations for a "realistic prospect of conviction" in the investigation.

"In respect of some aspects of the allegations, the SFO has concluded that, on the information available to it, there is insufficient evidence for a realistic prospect of conviction," the agency said. The agency said it had ceded jurisdiction in other aspects of the probe to the U.S., saying that the American probe is "ongoing."

The decision represents a victory in the U.K. for Autonomy founder Mike Lynch, who has been engaged in a public battle with the U.S. tech giant to clear his name after H-P accused him of fraud related to the deal.

H-P purchased Autonomy in 2011 for $11 billion. Just over a year later, the company wrote off $8.8 billion related to the purchase--including $5 billion that it said was related to "serious accounting improprieties" and misrepresentations by Autonomy management.

H-P has said that senior Autonomy management misled the U.S. company into thinking that much of their revenue came from software sales, rather than money-losing hardware sales. The company has also accused Autonomy of improperly accounting for deals to inflate revenue ahead of the sale.

Mr. Lynch and other senior Autonomy staff have denied that any fraud occurred.

The SFO said Monday it started its probe in 2013, after a referral from HP.

-Write to Lisa Fleisher at lisa.fleisher@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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