Mike Lynch, the founder of Autonomy, has lost a High Court fight to appeal against his extradition to the US.
He now faces a trial linked to the US$11bn takeover of the software company by Hewlett Packard Enterprise more than a decade ago.
Lynch had applied to the UK court as part of his fight to overturn a 2021 ruling in relation to the extradition, which has already been approved by the home secretary.
However, two judges on Friday upheld the earlier decision.
The ruling will come as a blow to Lynch who now faces a criminal trial in California over the 17 allegations, which include conspiracy to commit wire fraud.
He strongly contests the allegations.
Hewlett Packard bought Autonomy in 2010 for US$11bn but wrote it down by $8.8bn just a year later claiming sales figures had been inflated and covered up.
In their judgement, two High Court judges dismissed Lynch’s appeal that any case should be heard in the UK as that was where any offence occurred.
"The fact is that the loss was felt by HP, or its shareholders the majority of whom were based in the US," said the ruling.
"HP acquired the shares in Autonomy, using a company that HP wholly owned, and HP provided the funds for purchasing Autonomy."
A spokesman for Lynch replied: "Dr Lynch is very disappointed, but is reviewing the judgment and will continue to explore his options to appeal, including to the European Court of Human Rights.
"The United States’ legal overreach into the UK is a threat to the rights of all British citizens and the sovereignty of the UK."
HP launched a civil case against Lynch and its senior executives shortly after it wrote down the cost of the acquisition.
The US Department of Justice launched fraud proceedings in 2018, with additional charges brought against Lynch in 2020.
Sushovan Hussain, the software group’s chief financial officer, was convicted and is currently serving a five-year prison sentence in the US.
In the civil trial, HP substantially won most of its claims though damages have yet to be determined.
--adds history detail--