Mike Lynch was on Thursday cleared of fraud charges in the United States related to the $11 billion sale of his software firm Autonomy to Hewlett-Packard (HP) in 2011.
A San Francisco jury found the British tech tycoon not guilty on all counts, delivering a significant victory for the businessman, who had denied inflating Autonomy's value.
Lynch, who faced over 20 years in prison if convicted, testified he focused on technology rather than accounting. He distanced himself from other executives, including the former chief financial officer, who was convicted of fraud in 2018.
Following the verdict, Lynch expressed his elation and gratitude, stating he looks forward to returning to the UK and resuming his work.
Lynch co-founded Autonomy in 1996, which became a leading UK tech company, known for software that extracted data from unstructured sources. Despite the initial success, HP wrote down Autonomy's value by $8.8 billion a year after the acquisition, leading to prolonged legal battles.
Lynch and another former executive, Stephen Chamberlain, were both acquitted, marking the end of a 13-year legal saga.