Ex-Autonomy CFO indicted in U.S., accused of deceiving HP

By Nate Raymond

Nov eleven (Reuters) - The previous chief economical officer of British software package firm Autonomy has been indicted on U.S. fees of engaging in a fraudulent scheme to deceive investors and Hewlett Packard about his firm's overall performance right before its sale in 2011.

Sushovan Hussain, a British isles resident who was Autonomy's CFO cracked software for windows 7 at the time of its $11 billion acquisition by HP, was charged in an indictment filed on Thursday in federal court in San Francisco with conspiracy and wire fraud.

The indictment alleged that commencing in Oct 2009, Hussain and other individuals sought to deceive Autonomy's buyers and HP about the firm's overall performance, money issue and potential customers for development.

The plan had several goals, the indictment reported, such as to artificially increase and preserve Autonomy's share price tag to make the company attractive to possible purchasers like HP.

Hussain, who stays in the United Kingdom, has not been arrested. John Keker, his lawyer, stated in a statement on Friday that Hussain was innocent and would be acquitted at trial.

"He defrauded no one and, as Autonomy's CFO, acted at all occasions with the optimum criteria of honesty, integrity and competence," Keker claimed.

The indictment marked the newest fallout from the offer, which was meant to type the central element of HP's move into software package but instead led the U.S. corporation a calendar year later to write-off 3-quarters of Autonomy's price.

Final yr, HP sued Autonomy's co-founder Mike Lynch and Hussain, trying to get $5.1 billion in a lawsuit that accused them of partaking in fraudulent pursuits to improve the company's worth.

The two men have denied wrongdoing. Lynch countersued HP last 12 months, saying at the time that "HP was merely incompetent in its operation of Autonomy, and the acquisition was doomed from the pretty commencing."

Hewlett Packard Enterprise did not instantly answer to requests for comment. A spokesman for former Autonomy administration, which includes Lynch and Hussain, stated that the group is sure of Hussain's innocence and HP lied to the markets and shareholders.

The scenario is U.S. v. Hussain, U.S. District Court docket, Northern District of California, No. sixteen-cr-00462. (Reporting by Nate Raymond in New York and Peter Henderson in San Francisco modifying by Tom Brown and Cynthia Osterman)

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