Lynch accuses HP of duping shareholders
Autonomy founder urges HP investors to further scrutinise the firm, which he accuses of carrying out an anti-Autonomy smear campaign
Autonomy founder Mike Lynch has called on HP shareholders to demand the vendor unveils more details relating to its accounting investigation, claiming that investors are being "misled".
Lynch and HP have been embroiled in a war of words since the latter claimed to have uncovered "serious accounting improprieties" in Autonomy after buying it, which later prompted a $8.8bn (£5.5bn) write down in its value.
Today Lynch wrote an open letter to HP shareholders, claiming they are being misled by the vendor and calling on them to probe deeper into the investigation in order to speed the process up.
"The evidence shows that HP is not just smearing us, but also misleading you, its shareholders," he said. "I ask you to help put things right.
"HP has not provided information or evidence to the Autonomy team to substantiate any allegation. Instead, it has selectively leaked documents and information to the international media, frequently using material taken out of context to create false impressions and smear our reputations."
In February HP claimed that Autonomy exaggerated its profits by more than five times before it was acquired, and that the British firm's sales were actually less than half what it had claimed. But soon after, reports emerged suggesting HP was aware of the accounting practices before a whistle-blower lifted the lid on them.
Lynch claims HP has not shown Autonomy leaders any of the evidence it has against the firm and criticised what he described as HP's "selective disclosure" of the information to the media.
He added that HP boss Meg Whitman ought to be further scrutinised by shareholders in order for the matter to be resolved sooner.
"I urge you to continue to seek answers to these questions," he said. "Meg Whitman has made incendiary and defamatory accusations on behalf of her company. She should now present the detailed evidence that justifies those allegations.
"You and I have a shared ambition to see this situation resolved as soon as possible. I hope your questions today can bring us nearer to that resolution."
In a statement, HP said: "As HP has previously reported, it uncovered numerous accounting irregularities at Autonomy prior to its acquisition by HP.
"HP reported those irregularities to appropriate civil and criminal regulators in the US and UK. HP continues to cooperate in ongoing investigations by those regulators."