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(Alliance News) - Darktrace PLC's strategy chief was part of a group of executives who helped to misrepresent the success of software company Autonomy, which was acquired by Hewlett-Packard Co back in 2011, the Telegraph reported late Tuesday.
Shares cybersecurity firm Darktrace ended 15% lower at 323.20 pence each in London on Wednesday.
The Telegraph reported Darktrace Chief Strategy Officer Nicole Eagan has been named as "part of a clique" in a fraud ruling at the UK High Court.
The Telegraph reported Eagan was marketing chief at software company Autonomy, when it was sold to Hewlett-Packard in 2011. Autonomy Co-Founder Mike Lynch has been accused of deliberately overstating the value of his business before it was acquired by the American technology firm. Lynch also co-founded Darktrace.
High Court judge Robert Hildyard found that Autonomy's management used accounting "levers" to overstate the value of the business. He said Darktrace's Eagan was part of the "clique" responsible for this.
The UK in January approved the extradition of Lynch to the US to answer criminal fraud charges.
It came after Lynch lost a multibillion-dollar fraud action over the sale of Autonomy to Hewlett-Packard.
https://www.telegraph.co.uk/business/2022/05/17/darktrace-executive-part-clique-behind-britains-biggest-ever/
By Eric Cunha; ericcunha@alliancenews.com
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