Mike Lynch, the former boss of software firm Autonomy, was acquitted on Thursday of all 15 charges of fraud linked to the $11.1bn sale of the company to Hewlett-Packard (HP) in 2011.
The British tech mogul’s trial began in March, following a protracted fight over his extradition from the UK to the US. A jury in San Francisco found him not guilty on all counts.
First charged in 2018, Lynch faced accusations of inflating Autonomy’s sales figures ahead of its sale, misleading regulators, and deceiving HP. The deal was the largest-ever takeover of a British technology business at the time.
It brings to an end a 13-year legal battle that has seen Lynch’s name become a buzzword for controversy.
Lynch said after his verdict on Thursday: “I am elated with today’s verdict and grateful to the jury for their attention to the facts over the last 10 weeks.
“My deepest thanks go to my legal team for their tireless work on my behalf. I am looking forward to returning to the UK and getting back to what I love most: my family and innovating in my field.”
HP wrote down billions of dollars shortly after buying Autonomy, claiming it had uncovered severe accounting irregularities.
Lynch maintained his innocence, saying he had little to do with the company’s day-to-day business dealings or its accounting practices. He was initially charged with 16 counts, including wire fraud and conspiracy but one charge of securities fraud was dropped during the trial.
Lynch’s attorneys Christopher Morvillo and Brian Heberlig declared that the jury had delivered a “resounding rejection” of the government’s “profound overreach” in this case.
“The evidence presented at trial demonstrated conclusively that Mike Lynch is innocent,” Morvillo and Heberlig said. “This verdict closes the book on a relentless 13-year effort to pin HP’s well-documented ineptitude on Dr Lynch. Thankfully, the truth has finally prevailed.”