U.S. tech corporations stated they are going to proceed to file lawsuits towards Lynch’s property after he died in a yacht crash close to Sicily.
Hewlett Packard Enterprise (HPE) has confirmed it would search $4 billion in damages from the property of tech tycoon Mike Lynch after he died in a yacht crash off the coast of Sicily.
HPE had sued Lynch and his former CFO Sushovan Hussain, accusing the corporate of inflating the worth of its software program firm Autonomy forward of its $11 billion acquisition in 2011.
The Texas-based know-how firm gained a civil declare towards Lynch in Britain’s Excessive Courtroom in 2022, though the choose stated any damages can be far lower than the $5 billion it sought.
“HPE intends to comply with the whole litigation course of to its conclusion,” the corporate stated in a press release on Monday.
Lynch died on August 19 when his superyacht Bayes sank in a storm close to an Italian island.
Six different folks died within the wreck, together with Lynch’s 18-year-old daughter. Fifteen folks survived, together with Lynch’s spouse, Angela Bacares, who might now be held answerable for damages.
Greater than two months earlier than his demise, Lynch was acquitted of all 15 counts of fraud associated to the sale of Autonomy throughout a prison trial in San Francisco.
Lynch, who has all the time denied any wrongdoing, stated he was “happy” and “grateful” after the June verdict.
“I am wanting ahead to returning to the UK, to the place I like most: my household and innovating in my area,” he stated.
Lynch launched Autonomy in 1996 as a device that corporations may use to seek out helpful data from sources akin to telephone calls and emails.
Autonomy’s 2011 acquisition was rated on the time as the costliest takeover of a British know-how firm on file.
HPE initially welcomed the acquisition of the corporate, however lower than a yr later introduced an $8.8 billion writedown after a report discovered “accounting misstatements.”
