Breaking British entrepreneur Mike Lynch has just been cleared by a jury in San Francisco.
The founder and former CEO of Autonomy was on trial for criminal fraud along with his now-former finance VP Stephen Chamberlain regarding HP's $11 billion purchase of the UK software biz in 2011. Both men were today acquitted.
Lynch had been accused by American prosecutors of tricking HP into the acquisition by falsely inflating the value of Autonomy. HP wrote-down the value of the acquired software developer a year later by nearly $9 billion. Both men denied any wrongdoing.
The former chief exec faced up to 20 years behind bars had he been convicted. Autonomy Sushovan Hussain was sent down for five years in 2018 for accounting fraud regarding the Autonomy takeover.
Over in England, HPE – formed after HP split in two – is still seeking $4 billion in damages from Lynch in a High Court civil case.
This is a developing story. We'll bring you full details ASAP.