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January 19, 2015updated 23 Aug 2016 9:06am

SFO closes investigation into HP-Autonomy deal

Insufficient evidence for a conviction.

By James Nunns

The SFO’s investigation into HP’s acquisition of Autonomy has revealed there is insufficient evidence for a conviction. However, it is still being investigated by UK’s Financial Reporting Council and the US authorities.

The SFO said: "In respect of some aspects of the allegations, the SFO has concluded that, on the information available to it, there is insufficient evidence for a realistic prospect of conviction."

HP had referred the deal to the SFO after the acquisition of Autonomy for $11.1bn, afterwards stating Autonomy was worth $8.8bn less than the original purchase price.

Mike Lynch, co-founder and former chief executive of Autonomy said, "As we have always said, HP’s allegations are false, and we are pleased that after a two-year review of the material presented by HP, the SFO has concluded that there is not a cause to pursue."

"Let’s remember, HP made allegations of a $5bn fraud, and presented the case in public as a slam dunk. HP now faces serious questions of its own about its conduct in this case the the false statements it has made."

HP said in response to the SFO verdict:"HP remains committed to holding the architects of the Autonomy fraud accountable. As the SFO made clear, the US authorities are continuing their investigation and we continue to cooperate with that investigation."

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