Mike Lynch Acquitted: Britain's Tech King Cleared of Fraud in HP Deal

Mike Lynch, once dubbed the 'Bill Gates of Britain,' was acquitted of fraud charges related to HP's $11 billion acquisition of Autonomy. The federal jury's verdict followed an 11-week trial in San Francisco. The case delved into HP's troubled purchase and subsequent financial woes under then-CEO Meg Whitman.

Mike Lynch, once hailed as Britain's king of technology, has been exonerated of charges alleging he orchestrated a fraud and conspiracy leading to a disastrous $11 billion deal for Hewlett Packard.

The not-guilty verdicts were delivered Thursday by a federal court jury in San Francisco following an 11-week criminal trial that scrutinized HP's 2011 acquisition of Autonomy, a software company founded by Lynch. Initially seen as a game-changing purchase for HP, the deal quickly soured under the leadership of then-CEO Meg Whitman.

Lynch was acquitted on all 15 felony counts. Toward the trial's conclusion, U.S. District Judge Charles Breyer dismissed a securities fraud count from the indictment dating back to 2018. The trial's start was delayed by years of extradition and legal negotiations with the U.K.

The 58-year-old Lynch, out on $100 million bail, had been accused of masterminding a massive fraud. The acquittal is a significant vindication for Lynch, who consistently denied wrongdoing and described HP as a failing enterprise. In a statement, Lynch expressed his elation and thanked the jury for their diligent work. "I look forward to returning to the UK and getting back to what I love most: my family and innovating in my field," he said.

The Justice Department did not immediately comment. Another former Autonomy executive, Stephen Chamberlain, also faced fraud charges and was acquitted.

After presenting more than 30 witnesses, federal prosecutors saw Lynch testify in his own defense, arguing that he and Autonomy had been scapegoated for HP's failings under Whitman. Although Whitman did not testify, the trial examined HP's decline during her tenure, with former HP CEO Leo Apotheker detailing Lynch's alleged misconduct.

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