After a process lasting two years the Serious Fraud Office has closed its investigation into alleged wrongdoing following the 2011 takeover of UK technology firm Automony by Hewlett-Packard.
The SFO has concluded that based on information available there is insufficient evidence for a successful conviction.
A year after the takeover HP were forced to write down the value of Autonomy by $8.8bn (£5.9bn), having bought it for more than $10bn in summer 2011.
Meg Whitman, the chief executive who took over as the acquisition was being completed, blamed a "wilful effort" to inflate the company's figures, and that they "severely impacted HP management's ability to fairly value Autonomy at the time of the deal".
The numbers are truly eye watering and begs the question that during the due diligence process how many auditors examined the validity of the reported accounts?
Despite the decision by the SFO Hewlett-Packard continue to pursue the legal battle in the US as they attempt to “hold the architects of the Automony fraud accountable”.
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