In a stunning turn of events, former British tech star Mike Lynch has been cleared of charges alleging he orchestrated a fraud and conspiracy leading up to an $11 billion deal that turned into a costly mistake for Silicon Valley pioneer Hewlett Packard. The not-guilty verdicts were reached by a federal court jury in San Francisco after an 11-week criminal trial that delved into the history of HP’s 2011 acquisition of Autonomy, a business software company that Lynch founded and oversaw as CEO in Britain.
HP initially celebrated the purchase as a major success, but quickly came to regret it under the leadership of then-CEO Meg Whitman. The trial revealed the complexities of the deal and the subsequent fallout for HP, which blamed Lynch for duping the company into a disastrous agreement.
Lynch, once described as the Bill Gates of Britain, had vehemently denied any wrongdoing and maintained his innocence throughout the legal battle. The acquittal vindicates him and paints HP as a company in disarray, struggling to recover from the failed acquisition.
After years of legal battles and extradition from the UK, Lynch, now 58, is looking forward to returning to his family and continuing his work in the tech industry. The Justice Department has not yet commented on the verdict.
The trial also acquitted another former Autonomy executive, Stephen Chamberlain, who faced similar fraud charges. The case highlighted the inner workings of HP during a tumultuous period and the challenges of navigating the tech industry’s competitive landscape.