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Thanks :)
Just for you Winstanley 😁
Mike Lynch has been accused of masterminding a “multiyear, multilayered fraud” at Autonomy that tricked HP into massively overpaying for the business.
On the first day of Mr Lynch’s criminal trial in San Francisco on Monday, the court heard accusations that the tech entrepreneur “spun a fabulous tale” to lure HP into paying $11bn (£8.6bn) for Autonomy.
US prosecutors claim that Mr Lynch and other Autonomy executives inflated the company’s value using illegal accounting practices.
Prosecutors sought to paint Mr Lynch, Autonomy’s founder, as “a controlling, dominating, intimidating boss” who was “the driving force” behind the alleged fraud”.
The prosecution alleged that Mr Lynch masterminded an accounting fraud by back-dating contracts and “roundtrip” deals in which customers were paid for fake purchases of Autonomy’s software. It said that part of the purpose was to entice buyers like HP.
Adam Reeves, assistant US attorney, told the jury: “You will learn that these deals made no sense unless you were trying to falsely inflate your revenue.”
Mr Reeves added: “HP ate it up – they thought this kind of software company is exactly what they needed.”
A technology entrepreneur who was once lionised as “Britain’s Bill Gates”, Mr Lynch is facing 16 counts of fraud related to the sale of Autonomy, the former FTSE 100 software company, in 2011.
HP wrote down almost all the value of the £7bn deal a year later and claimed serious accounting improprieties.
Stephen Chamberlain, Autonomy’s former finance director, has also been charged. Both men have pleaded not guilty.
Mr Lynch made around $800m from the deal. He was charged in 2018 and fought extradition, but was ultimately unsuccessful and arrived in the US last year.
Charles Breyer, the judge overseeing the trial, granted Mr Lynch bail secured by a $100m bond, but restricted him to a home in San Francisco with round-the-clock guards and a tracker attached to his leg.
The trial is expected to last around 10 weeks with dozens of witnesses potentially being called by the US government including Leo Apotheker, the HP boss who pushed through the deal to buy Autonomy.
Mr Lynch is likely to give evidence in the second half of the trial. He has insisted that HP destroyed value by mismanaging the company and previously claimed he was being scapegoated for problems at Autonomy after it was taken over.
He has said that HP did not know what it was doing with Autonomy and was out of its depth in understanding its technology.
The technology entrepreneur built Autonomy into a European giant before co-founding cyber-security company Darktrace.
In 2006, he was awarded an OBE and appointed to the board of the BBC. During the year he sold Autonomy, David Cameron appointed him to the Government’s Council for Science and Technology.
The 12-person jury in the US case must reach a unanimous verdict to
Desertsands, I haven't read the article from The Telegraph because I'm not a subscriber and I don't want to start a free trial. However, I believe it may echo the sentiment expressed in the link I've shared, portraying Lynch as the main antagonist.
https://www.lbc.co.uk/world-news/596a1609921c49db99ea2352f07acb8e/
On around 100 days the court case result by Jury should be clear
Then an Appeal might happen
Yes not all publicity is good publicity , just making a point that Darktrace will get some publicity and become more well known
Last Friday , what happened with the 23 million shares traded
Today Monday seems much lower volume
Some like to be optimistic positive drivers for good
Others just love to criticise as they can only live a hindsight life with no forward looking predictions swirling in pessimism of others comments
Getting down to near 1% which isn't a lot https://www.lse.co.uk/ShareShortPositions.html?shareprice=DARK&share=Darktrace
Begins Monday 18/03 in San Francisco. Read that it's expected to last until May.
CR888/i didnt realise, not only are you a investment guru ,your also a lawyer. It seems the market as not got your enthusiasm regarding "all publicity is good publicity".
Maybe around March 19
Trial by Jury
2 months around for prosecution
1 month defence
Around 3 months or so maybe
Does it start today or tomorrow? How long is the trial expected to last?
Heavily invested in DARK - so very worried.
GLA
Share price very volatile, each day has a lower bottom price, wonder where and when it'll calm down ?!!
I thought I saw something this weekend re shorters decreasing their position, hopefully a good sign
We are now at Peel hunt 465 p level
Herekittykitty how is your prediction from here ?
It all depends if the trial of ML is connected directly with Poppy or DT
If he is found guilty and is fined or jailed , within next 100 days , I am sure this is not over and he will appeal in Usa if he can .
But the fact that things are clearer after 100 days means investors can invest or not invest with more certainty
The key is the 2000 people who work for Darl and Dark itself and Poppy are not dragged into his case
You seem to be suggesting that even if the outcome of this trial is a guilty verdict, then this still represents good publicity for DT. I know you're an eternal optimist, but this goes beyond optimism, ibto the realms of wishful fantasy
Almost 8 times normal average volume on Friday , and price still held up , a positive sign
Going forward less posts from me , just a few Einstein type insights from time to time
You have posted the same message on multiple LSE share bb’s touting for
Posters.
Reported
MaryBr190 - think you need new charts! Your last 2 readings have been way off!
Good news for us though…..
Within 100 days or less the court case will be decided by the Jury
Then given that everything is clear , within 100 days huge massive inflows to dark could happen , let’s see , interesting times
Never a dull moment
98 million pound or 124 million pounds of shares traded Friday , my guess is ML wife and even ML himself sold out more shares on Friday , reducing their holding ( ML wife shares ) towards zero , we will know if anything like this happened when dark announces significant changes to major shareholders
CR, very interesting to see what happens over the next weeks !