British tech tycoon Mike Lynch has been cleared of fraud charges in the United States, marking a stunning victory for the co-founder of Autonomy, a software firm sold to Hewlett-Packard for $11bn in 2011.
A jury in San Francisco found Mr Lynch not guilty on all counts, after he had been accused of inflating the value of Autonomy ahead of its sale. Facing more than 20 years in prison if convicted, Mr Lynch denied the charges and took the stand to defend himself.
In his testimony, he emphasized his focus on technology over accounting, distancing himself from other executives involved in the case. Following the verdict, Mr Lynch expressed his elation and gratitude to the jury, stating his excitement to return to the UK and continue innovating in his field.
Autonomy, founded in 1996, grew to be one of the UK’s largest companies under Mr Lynch’s leadership. The sale to Hewlett-Packard in 2011 was a major deal in the tech industry, with Mr Lynch making £500m from the transaction.
Years of legal battles followed the sale, with the company’s former chief financial officer being found guilty of fraud in 2018. US prosecutors brought charges against Mr Lynch in 2018, leading to his extradition and trial in San Francisco.
Following the verdict, Mr Lynch’s lawyers praised the outcome as a rejection of government overreach, closing the chapter on a 13-year effort to blame HP’s mismanagement on him. The trial’s conclusion marks a significant moment in the tech industry, with Mr Lynch now looking forward to reuniting with his family and continuing his work in innovation.
