Mike Lynch, former CEO of Hewlett Packard Enterprise's autonomous division, speaks at a conference on Thursday, April 25, 2013.
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LONDON — British tech entrepreneur Mike Lynch is missing after his superyacht sank off the coast of Sicily, people familiar with the matter told CNBC.
Lynch's wife, Angela Bacares, has been confirmed to have been rescued, said the source, who spoke on condition of anonymity due to the sensitivity of the situation.
According to multiple media reports, the superyacht named “Bayesian” capsized near the coast of Porticello, a small fishing village in the Palermo province of Italy, at around 5 a.m. local time.
The ship was reportedly hit by an unexpected and violent storm.
Lynch, 59, is the founder of enterprise software company Autonomy. He became the target of a protracted legal battle HP Previously, the US technology giant accused him of inflating the value of Autonomy in its $11 billion sale.
HP took an $8.8 billion write-down on Autonomy's value within a year of acquiring it.
Lynch was extradited to the United States from Britain last year to stand trial on the HP charges. In June, he was acquitted of fraud charges after a three-month trial.
This is a breaking news story and is being updated.