18 August 2017
Find out more

DoJ probes Autonomy accounting claims

02 January 2013  |  3653 views  |  0 Washington, capitol hill

Hewlett-Packard says that the US Department of Justice is investigating its allegations of accounting fraud at Autonomy, the UK software house it acquired in 2011.

In November HP revealed that it has taken a multi-billion dollar accounting charge on the Autonomy acquisition and asked US and UK authorities to investigate "accounting improprieties".

The revelation followed an internal investigation, which found what "appears to have been a wilful effort on behalf of certain former Autonomy employees to inflate the underlying financial metrics of the company in order to mislead investors and potential buyers," claimed the tech giant.

The SEC and UK Serious Fraud Office are looking into the claims and have now been joined by the Department of Justice, which opened its own probe at the end of November, a regulatory filing shows.

"We continue to believe that the authorities and the courts are the appropriate venues in which to address the wrongdoing discovered at Autonomy," says the firm.

Autonomy founder Mike Lynch, who left soon after the takeover, responded to the news by issuing a statement insisting that "these allegations are false".

"It is extremely disappointing that H-P has again failed to provide a detailed calculation of its $5 billion write-down of Autonomy, or publish any explanation of the serious allegations it has made against the former management team, in its annual report filing today," adds Lynch.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

HP posts $8.8bn charge on Autonomy deal; alleges 'accounting improprieties'

HP posts $8.8bn charge on Autonomy deal; alleges 'accounting improprieties'

20 November 2012  |  4760 views  |  0 comments | 3 tweets | 2 linkedin
Oracle accuses Autonomy chief of 'whopper' over sales pitch claims

Oracle accuses Autonomy chief of 'whopper' over sales pitch claims

29 September 2011  |  6547 views  |  0 comments
HP agrees £7bn Autonomy acquisition

HP agrees £7bn Autonomy acquisition

19 August 2011  |  5947 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.euvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7591 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7280 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6012 views 1 | 5 tweets | 3 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
5953 views comments | 10 tweets | 7 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5837 views comments | 11 tweets | 9 linkedin

Featured job

£100-120K Basic dependent on experience plus subst...
London

Find your next job