Not Guilty, Says Autonomy CFO To $11bn Fraud Claim
Autonomy Corp.’s former chief financial officer has pleaded not guilty to charges he schemed to inflate the US$11 billion price paid by Hewlett Packard to take over Autonomy in 2011.
After Sushovan Hussain entered his plea, the San Francisco federal judge overseeing the case said he wants to move toward a trial without delay. The executive had travelled voluntarily from England to the US for a hearing and his lawyer said he’s eager to prove his innocence.
Prosecutors charged Hussain in November, five years after Hewlett-Packard claimed to have been massively misled. He and Autonomy co-founder Michael Lynch face a lawsuit by Hewlett-Packard in a London court seeking $5.1 billion over allegations they made false claims about Autonomy’s performance and financial condition to boost the company’s value.
Lynch wasn’t charged in the December indictment.