Ex­ec­u­tive of firm bought by HP in­dicted

Kuwait Times - - TECHNOLOGY -

A fed­eral grand jury in San Fran­cisco has in­dicted the for­mer chief fi­nan­cial of­fi­cer of a Bri­tish soft­ware maker on charges he en­gaged in fraud to ar­ti­fi­cially in­crease the com­pany’s share price and make it at­trac­tive to Hewlet­tPackard.

HP bought the com­pany, Au­ton­omy, in 2011, for about $10 bil­lion, but later wrote off most of the pur­chase price af­ter al­leg­ing that the com­pany had mis­rep­re­sented its true value dur­ing sale ne­go­ti­a­tions. Au­ton­omy’s founder has de­nied the al­le­ga­tions.

The grand jury in­dicted for­mer Au­ton­omy CFO Sushovan Hus­sain on Thurs­day on wire fraud and con­spir­acy charges. Hus­sain’s at­tor­ney, John Keker, said his client de­frauded no one and acted at all times with the high­est stan­dards of hon­esty and com­pe­tence. Share­holder out­rage over the Au­ton­omy deal and other soured ac­qui­si­tions trig­gered a shake-up of HP’s board in 2013. —AP

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