Darktrace boss Poppy Gustafsson has hit back after it was fiercely attacked by a short-seller.
The shares hit a record low on Tuesday after Quintessential Capital Management said it was ‘deeply sceptical’ about the cybersecurity firm’s financial statements and warned the group may have ‘overstated’ sales and profits.
But in a 1,200-word defence, Gustafsson said it was ‘important to refute any unfounded inferences’ and ‘push back in the strongest terms on any suggestions that this is a business that is not being run with the greatest integrity’.
That cheered investors, as did a £75million share buyback, and the stock rose 4.4 per cent, or 9.3p, to 219.5p.
Plans for the buyback were drawn up last week but accelerated following the broadside.
Defiant: Darktrace boss Poppy Gustafsson (pictured), who co-founded the firm in 2013, said it would ’embrace the scrutiny of the public markets’
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