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Autonomy’s Mike Lynch was acquitted following a U.S. fraud trial brought by HP

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Former Autonomy CEO Dr. Mike Lynch issued a statement Thursday after being acquitted of criminal charges, ending a 13-year legal battle with Hewlett-Packard that became certainly one of Silicon Valley’s biggest fraud cases. He was accused of falsely inflating the British startup’s revenue before its $11 billion sale to HP in 2011.

Commenting on the acquittal, Dr. Lynch (pictured above left as he appeared on the TechCrunch Disrupt conference) said: “I am thrilled with today’s verdict and grateful to the jury for the attention they have paid to the facts over the past ten weeks. My deepest thanks go to my legal team for working tirelessly on my behalf. I can’t wait to return to the UK and get back to what I love most: my family and innovation in my field.”

After a 12-week trial, the entrepreneur was cleared of 15 counts of fraud and conspiracy brought against him in reference to the 2011 takeover.

Lynch’s victory is notable in light of the indisputable fact that within the U.S., only 0.4% of federal criminal cases (in fiscal yr 2022, in line with the Pew Research Center) resulted in trial and acquittal, and only 12% of all Art. the foremost charge of wire fraud ends in acquittal.

Christopher Morvillo and Brian Heberlig, Dr. Lynch’s legal counsel, added in a statement: “We are delighted with the jury’s verdict, which reflects a strong rejection of the government’s deep dive into this case. The evidence presented at trial conclusively established that Mike Lynch was innocent. This verdict closes the book on a relentless 13-year effort to pin HP’s well-documented ineptitude on Dr. Lynch. Fortunately, the truth finally won. We thank Dr. Lynch for his confidence in this ordeal and hope that he will now be able to return home to England to resume his life and continue his innovations.”

Lynch (58) was previously extradited to the United States and placed under house arrest under 24-hour supervision before his trial. He has long maintained that HP scapegoated him, saying it botched its acquisition of Autonomy and later mismanaged the corporate’s software.

Lynch made £500m from selling Autonomy to HP. However, just a yr later, HP reduced the worth of its investment by $8.8 billion and lost $5 billion attributable to the so-called Autonomy’s revenue inflation, he claimed on the time.

Prosecutors accused Lynch and Chamberlain of illegally inflating pre-acquisition revenues and hiding high-margin software revenues in unprofitable hardware sales.

During the trial, Lynch successfully argued that he was not concerned with accounting and contractual matters, as a substitute specializing in technical and marketing matters.

Although an American jury argued unsuccessfully that the case needs to be tried within the UK, resulting in his extradition, it acquitted Lynch of all charges, together with Stephen Chamberlain, Autonomy’s former vice chairman of finance, who was also tried.

The U.S. Attorney’s Office in San Francisco said: “We acknowledge and respect the decision. We would love to thank the jury for paying attention to the evidence presented by the federal government on this case.”

The sale of Autonomy to HP was seen as validation of the booming UK tech scene, and the platform’s ability to mine unstructured databases was then seen as a way for HP to rebuild its shaky hardware business.

Lynch co-founded Autonomy in 1996 from a research group specializing in software called Cambridge Neurodynamics.

Awarded an OBE for services to enterprise in 2006, Lynch became an adviser to the UK government, sat on the boards of the BBC and the British Library, founded Invoke Capital VC and invested within the groundbreaking cybersecurity company Darktrace.

This article was originally published on : techcrunch.com
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Registration for Startup Battlefield 200 closes tomorrow

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Holy procrastination, startup founders! Tomorrow is your last likelihood to use to Startup Battlefield 200 at TechCrunch Disrupt 2024. Your last likelihood to take the Disrupt stage and pitch to an enormous audience full of first-tier global investors, a whole bunch of media outlets, and lots of other influential movers and shakers.

To the purpose: This great opportunity will soon end. Submit your application to 11:59 p.m. PDT Tomorrow, .

Summary: Benefits of Startup Battlefield 200 at TC Disrupt 2024

Once again, just a little louder for the founders within the back who can have missed our previous notes on the perks and advantages that Startup Battlefield 200 (SB 200) firms receive:

Full access to Disrupt: SB 200 founders attend Disrupt for free and receive 4 additional tickets and VIP access to all presentations, breaks and roundtables.

Free exhibition space for your entire show: SB 200 will probably be the one early-stage startup allowed to exhibit at Disrupt.

Investor interest and media exposure: Investors hunting for future unicorns and journalists looking for the subsequent big story will head to the exhibit floor to fulfill and greet the founders of SB 200.

Pitching workshops and training: SB 200 founders will probably be invited to exclusive workshops and masterclasses within the weeks leading as much as Disrupt, including special pitch training led by TechCrunch staff.

Brief information for investors and Best Contributors editors: This training will come in useful while you hit the Pitch Showcase stage. You will receive invaluable feedback and should even find your way into an investor’s portfolio.

Odds for $100,000: TechCrunch editors will select 20 startups from SB 200 to grow to be Startup Battlefield finalists. The founders of those 20 firms will receive private coaching, be featured in a TechCrunch article, and perform continue to exist stage in front of your entire Disrupt audience. The ultimate winner will take home a $100,000 zero-equity prize.

TechCrunch Disrupt will happen October 28-30 in San Francisco. Your opportunity to step onto the worldwide Disrupt stage and speed up your startup’s growth will soon come to a halt. Apply for Startup Battlefield 200 – By When?By 23:59 PDT Tomorrow. Do it!

Is your organization enthusiastic about sponsoring or exhibiting at TechCrunch Disrupt 2024? Contact our sponsorship sales team via by completing this manner.

This article was originally published on : techcrunch.com
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Apple begins a new era with Apple Intelligence

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The Apple Worldwide Developers Conference focused heavily on artificial intelligence. Apple has unveiled its Apple Intelligence generative artificial intelligence offering, which will probably be available on iOS later this 12 months. iOS 18 could have a host of new features, including the flexibility to schedule text messages and customize the house screen, major updates to Siri – including ChatGPT integration – and AI-generated emojis. In case you missed it, we have put together a handy summary of every thing Apple announced.

Tesla CEO Elon Musk secured enough shareholder votes to approve a stock option compensation package for 2018. The vote means he could receive a payout of as much as $56 billion, which could be the most important CEO pay package in history, but a judge in Delaware still must issue a final decision after she ruled the package was unfair.

In terms of funding news, Mistral AI has closed its much-talked about Series B funding round. The company secured €600 million (about $640 million at today’s exchange rates) in equity and debt. The new round values ​​the startup at $6 billion because it continues to compete with OpenAI, Anthropic and other AI giants.

News

Former NSA chief joins OpenAI: Former NSA chief, retired Army Gen. Paul Nakasone, will join OpenAI’s board and serve on its security subcommittee. read more

Tesla shareholders sue Elon Musk: Shareholders Tesla is suing Elon Musk and board members over Musk’s decision to found xAI. They claim that talent and resources are being diverted from Tesla to the new startup. read more

BeReal is bought: The French publisher of mobile applications and games Voodoo acquired BeReal for EUR 500 million. BeReal co-founder and CEO Alexis Barreyat will leave the corporate after a transition period. read more

You can hand over rings: Apple has finally allowed users to pause activity rings on Apple Watch, which is particularly useful in the event you’re sick or otherwise unable to interact in physical activity. read more

Raspberry Pi goes public: The maker of small, low-cost single-board computers priced its IPO on the London Stock Exchange at 2.80 kilos a share, valuing it at $690 million at today’s exchange rates, and quickly rose to three.70 kilos a share. read more

iPads finally get a calculator app: iPads could have a dedicated calculator app for the primary time. But, teachers, watch out. The app includes Math Notes, a new feature that does the mathematics calculations for you. read more

A new smartphone that doesn’t distract your attention: Minimalist smartphone maker Light has announced its latest model. The Light Phone III doesn’t have social media or web access, but it surely does have a larger OLED display and camera. read more

Spotify introduces internal solutions: Spotify is moving deeper into the promoting space with its first in-house creative agency, Creative Lab. The company said it’s going to also begin testing AI generative promoting. read more

Will your device have iOS 18?: Apple’s iOS 18 will probably be compatible with many Apple devices this fall, but when you wish to take full advantage of Apple Intelligence, you might have to update. read more

Analysis

Apple Intelligence doesn’t attempt to be flashy: With iOS 18, Apple is taking a more cautious approach. Rather than overwhelming users with too many AI features, the corporate is rigorously implementing AI where it believes it may well actually be useful. While Apple’s AI actually is not that flashy, Sarah Perez says it’s the corporate’s way of setting the stakes for what an AI-powered device should find a way to do. read more

Tesla fans participate within the vote: Tesla and its fans have fought an unprecedented battle over Elon Musk’s $56 billion compensation package. Over the past few months, Tesla’s biggest fans have been continually attempting to get out of the vote. Sean O’Kane is examining the myriad calls to motion on Issue X to get shareholders to vote yes and reinforce their belief that Tesla is nothing without Musk. read more

Why Y Combinator encourages small seed rounds: In 2024, many Y Combinator startups only want small seed rounds, but that might scare off many institutional seed VCs. If YC startups treat these rounds more like pre-seed funding, perhaps things won’t be so bad. However, as Rebecca Szkutak writes, there are risks if firms label these smaller rounds as “seed rounds” with the goal of raising the A rank again. read more

This article was originally published on : techcrunch.com
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Subscription vitamin company Care/of is closing

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Care/A company offering personalized vitamin packages via subscription says that as of Monday, June 17, it can cancel all subscriptions and can not accept recent orders.

This news doesn’t come completely out of the blue, as Care/of previously revealed to the New York Department of Labor sawing that it plans to put off all 143 employees by July 3 as a result of “loss of financial resources.” Now the company is speaking in additional detail and decisively in regards to the closure, including: yesterday’s post on Instagram thanking customers and saying, “Unfortunately, we no longer have the resources to operate in the way we have been doing.”

The post doesn’t completely close the door to a relaunch, stating: “We are actively exploring options for the brand, but don’t have anything final to share right now. We hope to be in a spot where we are able to share more information soon.”

Founded in 2016 by Craig Elbert and Akash Shah, Care/of asked customers to finish a quiz about their lifestyle and values, based on which it really useful a personalised mix of vitamins and supplements. Investors included Juxtapose, Goodwater Capital, Tusk Venture Partners, Bullish and RRE Ventures.

pharmaceutical giant Bayer acquired a majority stake within the company in Care/of in 2020. Earlier this month, Bayer Chief Strategic Communications Officer Christin Miller said NutraIngredients that “stopping further investments in Care/of will enable Bayer to better invest in future innovations that help people manage their health.”


This article was originally published on : techcrunch.com
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