Hewlett-Packard is suing former top managers acquired in 2011 Autonomy

Hewlett-Packard filed a lawsuit for fraud in the High Court of London against two former top managers of Autonomy, Kommersant reports .

The company itself was acquired in 2011 by HP at a price of $ 10.25 billion, with a 64% bonus to the stock price at the time of the transaction. Within a few months, HP had to write off assets worth $ 8.8 billion, explaining that there were problems in the reporting of the acquired company.

The impairment is mainly due to serious violations in accounting, detection of miscalculations and serious distortions that occurred before the acquisition of Autonomy, as well as the corresponding effect of these violations on the company's future financial performance in the long term.

Michael Lynch and Sushovan Huysain are two people whom HP accuses of falsifying financial statements and misleading representatives of the buyer company, for which HP demands a refund of $ 5.1 billion.

In turn, former top managers accuse HP of violating management standards and raise the issue of competence of the board and management of the company. They, in the same court, filed a counterclaim against HP for the damage they suffered from the statements made by the company from November 20, 2012.
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Earlier, the British Department of Investigation of major financial frauds stopped the investigation of Autonomy due to insufficient evidence. The US Department of Justice and the British Financial Reporting Council continue to investigate.