San Francisco, California – British tech tycoon Mike Lynch has been acquitted of all fraud charges related to the $11 billion sale of his software firm, Autonomy, to Hewlett-Packard in 2011. A jury in San Francisco found him not guilty on all counts, a surprising victory for Lynch, who faced over 20 years in prison if convicted.
Lynch, who co-founded Autonomy in 1996 and led it to become one of the UK’s largest companies, denied the allegations against him. He emphasized his focus on technology rather than accounting during his testimony, distancing himself from other executives previously prosecuted for fraud.
Following the sale of Autonomy to Hewlett-Packard in 2011, Lynch earned £500 million. However, just a year later, Hewlett-Packard wrote down the value of Autonomy by $8.8 billion, leading to years of legal battles.
Despite facing extradition after a UK judge ruled in favor of HP in a civil fraud case in 2022, Lynch remained resolute. He had previously faced house arrest in the US while preparing for the trial.
Throughout the trial, Lynch’s legal team argued that HP had failed to properly vet the deal and mismanaged the takeover. They maintained that Lynch was not involved in the transactions under scrutiny. Ultimately, the jury’s verdict reflected a rejection of the government’s allegations against Lynch.
Alongside Lynch, another former finance executive at Autonomy, Stephen Chamberlain, was also acquitted. In a statement, Lynch’s lawyers expressed their satisfaction with the outcome, underscoring the truth prevailing in the long-standing legal saga.
The verdict marks the end of a lengthy and arduous legal battle for Lynch, bringing closure to a chapter of intense scrutiny and allegations of fraud. Lynch can now look forward to reuniting with his family and continuing to innovate in his field after being vindicated by the jury’s decision.