Jun 7, 2024 - Business

Tech exec Michael Lynch found not guilty in Silicon Valley fraud trial

Photo illustration of Mike Lynch.

Photo illustration: Shoshana Gordon/Axios. Photo: Dominic Lipinski/PA Images via Getty Images

Michael Lynch was found not guilty by a San Francisco jury of defrauding Hewlett-Packard during the $11.7 billion sale of Autonomy, an enterprise software company he co-founded and led.

Why it matters: This was Silicon Valley's largest financial fraud case ever, in terms of alleged dollars lost.

  • It's also a stunner, given that Lynch had lost a related U.K. civil case and other Autonomy execs had been found guilty by U.S. courts.

Catch up quick: Lynch raised around $1.2 billion in 2013 for a VC fund called Invoke Capital, after being fired by HP, backing such companies as Darktrace.

What Lynch is saying: "I am elated with today's verdict and grateful to the jury for their attention to the facts over the last 10 weeks ... I am looking forward to returning to the U.K. and getting back to what I love most: my family and innovating in my field."

Go deeper