Fraud after inflation software HP

Fraud after inflation software HP

World November 12, 2016 12:09

- The CFO of British software Atonomy, that $ 11 billion was bought by HP printer business, has been charged with fraud.

The lawsuit in San Francisco against cfo Sushovan Hussain involves far too rosy proposals of the sales and profits at Atonomy ahead of the bid from Hewlett-Packard.

Already in 2009, according to the indictment, Hussain also left to equity shareholders a much better performance in the record books than could be accounted for once the actual performance.

This wild Hussain, partly paid in stock options, the cost of pumping the stock. He himself would benefit from the billion acquisition by HP, the transition from printer company had deployed a software driven company.

Hussain resident in the United Kingdom and has not been arrested. According to his lawyer in front of The Guardian Hussain nobody misled.

Shortly after the acquisition, HP had to write off according to global accounting rules three quarters of the value of Atonomy because it offered much less revenue than expected. That intervention came at the expense of the dividend for shareholders.\n  \n  \n   advertisement

A number of major shareholders sued both Atonomy as HP. That claim is $ 5.1 billion large, and also relates to Atonomy, Mike Lynch, the CEO. The case is separate from here in San Francisco.

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