Executive of firm acquired by Hewlett-Packard indicted

November 12, 2016

A federal grand jury in San Francisco has indicted the former chief financial officer of a British software maker on charges he engaged in fraud to artificially increase the company's share price and make it attractive to Hewlett-Packard.

HP bought the company, Autonomy, in 2011, for about $10 billion, but later wrote off most of the purchase price after alleging that the company had misrepresented its true value during sale negotiations. Autonomy's founder has denied the allegations.

The grand jury indicted former Autonomy CFO Sushovan Hussain on Thursday on wire fraud and conspiracy charges.

Hussain's attorney, John Keker, said his client defrauded no one and acted at all times with the highest standards of honesty and competence.

Shareholder outrage over the Autonomy deal and other soured acquisitions triggered a shake-up of HP's board in 2013.

Explore further: HP to pay $100 million to settle case tied to Autonomy deal

Related Stories

US probes HP's Autonomy fraud allegations

December 28, 2012

US authorities are probing allegations by Hewlett-Packard that a British software firm it bought out had fraudulent accounts, the US tech giant said in its annual report released Thursday.

HP's Autonomy claims supported by Air Force document

January 7, 2014

Hewlett-Packard Co.'s claim that it was hoodwinked into paying too much when it bought British software company Autonomy in 2011 is supported by newly released documents from Air Force investigators.

HP investor sues company for handling of 2 deals

November 27, 2012

Hewlett-Packard now has a legal headache to compound its misery as the company tries to recover from a series of setbacks that have hammered its stock price and raised doubts about its future.

Recommended for you

Earwigs and the art of origami

March 22, 2018

ETH Zurich researchers have developed multifunctional origami structures, which they then fabricated into 4-D printed objects. The design principle mimics the structure of an earwig's wing.


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.