/// Autonomy Founder Lynch Asks Board To Explain HP Allegations

November 27, 2012  |  All Things Digital


Autonomy’s founding CEO launched a new public offensive just a few minutes ago, sending an open letter to Hewlett-Packard’s board of directors seeking “immediate and specific explanations” regarding allegations of accounting improprieties that HP said it had found last week relating to the 2011 $11 billion acquisition of the British Software firm. “Having no details beyond the limited public information provided last week, and still with no further contact from you, I am writing today to ask you, the board of HP, for immediate and specific explanations for the allegations HP is making,” Lynch wrote. “HP should provide me with the interim report and any other documents which you say you have provided to the SEC and the SFO so that I can answer whatever is alleged, instead of the selective disclosure of non-material information via background discussions with the media.” Here’s the full text of the letter, which arrived in my in-box only moments ago. Open Letter from Dr Mike Lynch to the Board of Directors of Hewlett-Packard 27 November 2012 To: The Board of Directors of Hewlett-Packard Company On 20 November Hewlett-Packard (HP) issued a statement accusing unspecified members of Autonomy’s former management team of serious financial impropriety. 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. Autonomy’s finances, during its years as a public company and including the time period in question, were handled in accordance with applicable regulations and accounting practices. Autonomy’s accounts were overseen by independent auditors Deloitte LLC, who have confirmed the application of all appropriate procedures including those dictated by the International Financial Reporting Standards used in the UK. Having no details beyond the limited public information provided last week, and still with no further contact from you, I am writing today to ask you, the board of HP, for immediate and specific explanations for the allegations HP is making. HP should provide me with the interim report and any other documents which you say you have provided to the SEC and the SFO so that I can answer whatever is alleged, instead of the selective disclosure of non-material information via background discussions with the media. I believe it is in the interest of all stakeholders, and the public record, for HP to respond to a number of questions: • Many observers are stunned by HP’s claim that these allegations account for a $5 billion write down and fail to understand how HP reaches that number. Please publish the calculations used to determine the $5 billion impairment charge

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Autonomy Founder Lynch Asks Board To Explain HP Allegations


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