Ex-Autonomy CEO: It's Interesting HP Announced This Accounting Problem On The Same Day It Reported Its Worst Quarter Ever

Business Insider

HP is leveling serious charges at former Autonomy employees, accusing them of "a willful effort ... to inflate the underlying financial metrics of the company in order to mislead investors and potential buyers."

Now, Autonomy's founder Mike Lynch is hitting back.

"It does seem to be coincident with them releasing the worst set of results in their 70-year company history," he said in an interview with the Wall Street Journal.

"I can’t understand how you can write down $9 billion of value and say somehow this was all caused by something you didn’t notice when you did due diligence. ... I think it calls into question the credibility of today’s announcement," he said.

Other comments of note:

  • "They have run the company for four quarters, they have been doing the books."
  • "There was a series of mismanagement steps. They lost hundreds of the talented people at Autonomy. They whole management team basically went out of the door. Sadly they are left with the results of having destroyed all that value."
  • Autonomy "was destroyed in less than a year by the petty infighting at HP."

Don't miss: A Year Ago, Oracle Said Autonomy CEO's Mike Lynch 'Has A Very Poor Memory Or He’s Lying



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