Posts by Delusional

Ex-Autonomy CFO Sushovan Hussain's part in the accounting badness was 'wildly overblown'

Its not over until its over...

The US case is pretty clear... at least until the appeal. But how much of the US criminal case effects the UK civil I wonder?

https://www.courtlistener.com/recap/gov.uscourts.cand.305114/gov.uscourts.cand.305114.419.0.pdf

"Sometime in late 2008, Hussain and his co-conspirators set out to improperly inflate Autonomy’s revenue figures to influence market analysts’ projections about its growth and estimates of its market value, in the hopes of an eventual acquisition and a big payday. (Hussain netted $16 million from the HP acquisition.) In Hussain, the conspiracy also included CEO Mike Lynch, as well as Christopher “Stouffer” Egan, Peter Menell, Andy Kanter, and Steve Chamberlain, all executives at Autonomy"

The "pith' of this story seems to be well illustrated (graphic) on Page 4 of the above doc together with the statement 'Government witnesses explained that growth rate is a particularly important determinant of market valuation for a tech company, and ultimately of the price that company can command in an acquisition. Accordingly, falsely reporting increases in revenue will tend to lead to significant exaggerated valuations"

While its been (temporarily) decided that this all adds up to a crime in the US, would have been a crime in the UK, and with retard to this trial, does it equalup to "I want my $5B back please?"

Post Office faces potential criminal probe over Fujitsu IT system's accounting failures

Read para 429 “ The attendees at this meeting included at least one member of Post Office (rather than Fujitsu) personnel, Andrew Winn of POL Finance. There were obviously legal cases going on at the time, hence the reference in the underlined bullet point to “ongoing legal cases”. If these were criminal cases, the Post Office would be the prosecuting authority, with certain important duties. If these were civil cases, the Post Office would be a party with disclosure obligations. An affected branch would believe it had balanced its accounts correctly; it would not have done so. There is an evident concern amongst those at the meeting which is recorded in this document that this issue should not become “widely known” in order to avoid causing “a loss of confidence in the Horizon System”. Fujitsu do not seem to have been particularly prompt in either identifying the problem or reacting to it.‘

So Andrew Winn... where are you now?

Re: They thought it was all over...

I seriously hope the scum in the PO, who hid their own mistakes while innocent people went to prison, go down for this. Would love to know their names.

HPE court witness subjected to own LinkedIn page

Re: This isn’t as weird as you think..

@Anonymous Coward

<<Regarding the case, I'm waiting to see what HPE has in terms of evidence to back up their claims that they didn't overpay and that the fraud they have uncovered merits the damages they seek.>>

Uh? don't you mean 'in terms of evidence to back up their claims that they DID overpay'?????

As for the evidence, that's already pretty clear: https://www.courtlistener.com/recap/gov.uscourts.cand.305114/gov.uscourts.cand.305114.419.0.pdf

"the conspiracy also included CEO Mike Lynch, as well as Christopher “Stouffer” Egan, Peter Menell, Andy Kanter, and Steve Chamberlain, all executives at Autonomy."

Autonomy paid its own customers to pump up revenues, claims HPE

"odious"?? I have read a lot of negative comments about Dr Lynch. What is your reason for describing him as 'odious'?

Re: The Jarndyce and Jarndyce of IT court cases...

Normally yes... but you forget that the CFO has already been convicted. Its hard to forget the facts:

https://www.courtlistener.com/recap/gov.uscourts.cand.305114/gov.uscourts.cand.305114.419.0.pdf

Judge snubs FBI's bid to snaffle Autonomy docs ahead of founder Mike Lynch's UK showdown

Re: FRAUD AGAINST HP, YOU SAY? IS THAT LIKE A PRINTER COMPANY THAT ...

and which piece of the evidence do you think didn't prove a crime (and if you work for Dark Trace then take care to hide your IP :-)?

https://www.courtlistener.com/recap/gov.uscourts.cand.305114/gov.uscourts.cand.305114.419.0.pdf

Autonomy pulled wool over Brit finance panel's eyes, US court told

But then they wound't be facts would they? See, at the end of the day either someone broke the law or they didn't...

Re: It's all very odd...

<<But surely for a deal of this magnitude, the responsibility still stops with the purchaser and the auditors>> The responsibility for breaking the law lies with the person(s) who broke the law... auditors only sign-off what the management tells them and this case has shown that Deloitte may be fools, but they signed off what they were told.

Re: If they go after anyone else in Autonomy's former management, would anyone be....

The interesting point the lawyers have highlighted is that for international cases, there is no time limitation on prosecuting Lynch. Allegedly the SFO have already been reaching out to several of the Autonomy witnesses preparing to re-open their case once the DOJ conclude their case in CA which they are preparing to do this week apparently. And then theres the civil case... and then theres Deloitte... and then theres Darktrace where several employees are leaking information. Its gonna be a movie for sure!

What's "one of the things"? Breaking the law?

Nope. Nothing to do with HP other than that they allowed themselves to be suckered into it. Facts are Facts

Re: This makes no sense (context is everything)

This points to only one thing... someone has been super manipulative. Whether an expert witness for the persecution is "motivated" to paint things in a bad light has nothing to do with THE FACTS!

Ex-Autonomy exec agrees to be a witness for HP fraud case

Re: But the alledged dodgy accounting only bring forward sals 1 quarter

You clearly haven't read the article..... go read <<One fact really stands out: in each of the 10 quarters preceding the acquisition, Autonomy’s revenues were within 4% of analyst expectations. That’s a level of precision that should arouse suspicion. In hindsight, achieving revenue targets like clockwork looks awfully strange. Here’s how they did it.>>

Re: Don’t know what everybody’s so jumpy about...

I'm not clear how that answers whether someone broke any laws?

I'm not clear how that answers whether someone broke any laws?

Re: Buyer's remorse

I'm not clear how that answers whether someone broke any laws?