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The former CEO of Autonomy slammed Hewlett-Packard's board of directors Tuesday in an open letter for accusing his company of "serious financial impropriety."
"On 20 November Hewlett-Packard (HP) issued a statement accusing unspecified members of Autonomy?s former management team of serious financial impropriety," said Dr. Mike Lynch, the former CEO of Autonomy, in his letter. "It was shocking that HP put non-specific but highly damaging allegations into the public domain without prior notification or contact with me, as former CEO of Autonomy."
"I utterly reject all allegations of impropriety," he said.?
Lynch demanded Hewlett-Packard answer questions regarding its allegations against Autonomy financial practices, including HP's claim that a $5 billion write-down was necessary on Autonomy.?
"Can HP really state that no part of the $5 billion write down was, or should be, attributed to HP?s operational and financial mismanagement of Autonomy since the acquisition?" Lynch said in the letter.?
HP responded to Lynch's letter stating that the matter was now in the hands of authorities, including the UK Serious Fraud Office, the US Securities and Exchange Commission?s Enforcement Division and the US Department of Justice.
"We will defer to them as to how they wish to engage with Dr. Lynch. In addition, HP will take legal action against the parties involved at the appropriate time," the company said in an email statement to CNBC.
HP also said that it had uncovered "extensive evidence" that former Autonomy employees were inflating financial metrics of the company, according to the statement.
The company also made it clear in the statement that the only answers Lynch would be getting would be through a legal process.
"While Dr. Lynch is eager for a debate, we believe the legal process is the correct method in which to bring out the facts and take action on behalf of our shareholders. In that setting, we look forward to hearing Dr. Lynch and other former Autonomy employees answer questions under penalty of perjury," the company said in the statement.
Source: http://www.nbcnews.com/business/former-autonomy-ceo-utterly-rejects-hp-allegations-1C7287491
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