SAN FRANCISCO — An $11 billion acquisition that backfired on Silicon Valley leader Hewlett Packard more than a years ago will be reanimated Monday throughout a trial that will checkout whether the offer was an prohibited rip-off or a case of bungled management.
The crook trial in San Francisco federal court revolves around HP’s acquisition of British softwareapplication maker Autonomy, a offer that was commemorated as coup when it was revealed in 2011, just to blow up into a pricey fiasco.
Before HP covered up the offer, Meg Whitman was workedwith to be CEO of the business began 85 years ago by Bill Hewlett and Dave Packard in a Palo Alto, California, garage that hasactually endedupbeing a Silicon Valley shrine.
Whitman, who increased to popularity and fortune while running online commerce website eBay in its developmental years, had hoped the Autonomy offer would reinforce her efforts to lift HP out of the doldrums, however rather it endedupbeing an albatross that dragged the business down.
As HP’s fortunes continued to droop, Whitman laid off thousands of employees and ultimately crafted a breakup that split the storied business into 2 entities in2015 She stepped down as CEO of the spun-off business, Hewlett Packard Enterprises in2018
The declared badguys in the trial are previous Autonomy CEO Mike Lynch, who assoonas was lionized as shining example of British resourcefulness, and Stephen Chamberlain, Autonomy’s previous vice president of financing. They are both safeguarding themselves versus 16 felony counts of scams and conspiracy in a trial anticipated to run till late May or June and consistof testament from more than 40 witnesses.
If foundedguilty on all counts by a jury, Lynch and Chamberlain each might f