Mike Lynch sues HP UK for £150m

HP UK has been sued in the UK High Court by none other than former Autonomy CEO Mike Lynch. He is asking for £150 million in damages for false statements made about him and his company’s management back in 2012 by HP.

He says HP has damaged his reputation and misled the market. Autonomy, led by Lynch, have been saying from the start that HP’s claims were false.

“Over the past three years, HP has made many statements that were highly damaging to me and misleading to the stock market. Worse - HP knew, or should have known, these statements were false," he said in a statement following the lawsuit.

"We are finally starting to see what really happened with Autonomy. HP's own documents, which the court will see, make clear that HP was simply incompetent in its operation of Autonomy, and the acquisition was doomed from the very beginning."

"Evidence shows that, at the time of the acquisition, HP was in chaos. Before going ahead with the acquisition they discussed firing their CEO. They then tried to abort the deal after closing, ultimately did fire the CEO, and generally fought amongst themselves like cats in a sack, causing Autonomy to disintegrate," Lynch added.

"HP wasn't misled by us or anyone else - evidence will show they didn't even read their own due diligence report."

The due diligence report Lynch mentions was done by KPMG. The documents revealed that HP was aware of many of the things that it came to complain about.