JUSTICE – HPE, formerly HP, has announced that it will sue the heirs of Mike Lynch, who died with six other people in the sinking of his yacht in Sicily, as British law allows.
On August 19, British billionaire Mike Lynch died when his sailboat sank off the coast of Sicily. But despite his death, as well as that of his daughter and five other passengers, the HP company, with which he had been in legal dispute for more than ten years, could claim a fortune from his widow, Capital reported on Wednesday. In 2011, Mike Lynch sold his company Autonomy Corp. to Hewlett Packard (HP) for more than $11 billion (€9.9 billion).
After the transaction, the IT giant had accused the seller of having, with the complicity of its CFO, greatly inflated the company’s value. Faced with what it called fraudulent manipulation, HP had announced an asset depreciation of $8.8 billion, or nearly €8 billion, justified by “serious accounting irregularities, failures to comply with the disclosure obligation and false declarations”. Tried in March 2024, Mike Lynch and his CFO had been acquitted after thirteen years of proceedings.
$4 billion in damages
This is also why he and the others were on the yacht (…) - 20minutes
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