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=== Reputational risks and potential liability due to links to Autonomy/Invoke === JP Morgan refers readers to the Darktrace prospectus (available here) [note that this document is only available to certain persons and in certain jurisdictions] for a detailed overview of the key risks associated with Darktrace’s links to Autonomy/Invoke. JP Morgan presents some excerpts below: HP completed the acquisition of Autonomy in Oct-11 (purchase price ~$11bn). In Nov-12, HP wrote off a significant portion of the value of Autonomy ($8.8bn) and announced allegations that ‘Autonomy artificially inflated its reported revenues, revenue growth and gross margins.’ Mike Lynch (founder and former CEO, Autonomy), Sushovan Hussain (former CFO, Autonomy) and Stephen Chamberlain (former VP Finance, Autonomy) have been charged in the US for their role in unlawful activities related to the sale of Autonomy to HP in 2011 and subsequent related matters (Mr. Hussain was convicted at trial in Apr-18, while Mr. Lynch will file an appeal against his extradition to the US (source). Invoke Capital, founded in 2012 by Mr. Lynch, Mr. Hussain and other former Autonomy executives, invested in Darktrace upon inception and funded its operations during 2013-15 by way of loans. Mr. Lynch, Mr. Hussain and other Invoke employees provided management advice to Darktrace, pursuant to a Supply of Services agreement between Invoke and Darktrace (which was terminated at IPO in Apr-21). Mr. Lynch was a non-executive director at Darktrace, member of Darktrace’s Advisory Council and until recently was part of Darktrace’s Science and Technology Council (Mr. Lynch stepped down from this role in Feb-22). Mr. Hussain resigned as the non-executive director of Darktrace in Nov-16. Mr. Chamberlain joined Darktrace as an employee in 2016 and is currently on administrative paid leave. A number of current senior executives at Darktrace (including CEO, CTO, CMO and CSO) are ex Autonomy/Invoke employees. As noted in the Darktrace IPO prospectus, the company may face reputational risk arising out of unlawful, and allegedly unlawful, activities in connection with the sale of Autonomy and related matters. In addition, Darktrace noted that it may face potential liability arising out of its historical funding by Invoke.
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