Sushovan Hussain ‘artificially inflated Autonomy’s sales and profits’
A US jury has convicted the former CFO of British software company Autonomy of wire fraud and other crimes related to claims that he inflated the firm’s value before its sale to Hewlett Packard (HP), a Justice Department spokesman said.
The court heard how Sushovan Hussain artificially inflated Autonomy’s sales and profits prior to its $11.7bn (£8.5bn) takeover by IT giant HP in 2011.
In a statement, Hussain’s attorney John Keker said: “Mr. Hussain defrauded no one and acted at all times with the highest standards of honesty, integrity and competence… It is a shame that the United States Department of Justice lent its support to HP’s campaign to blame others for its own catastrophic failings.”
Hussain pleaded not guilty, and the trial in San Francisco federal court lasted several weeks.
HP has now issued a statement saying it was pleased with the verdict: “Mr. Hussain attempted to depict the fraud as nothing more than a misunderstanding of international accounting rules was, and still remains, patently ridiculous.”