Darktrace buys back £75m shares after fraud claims

Embattled cyber security company Darktrace is spending £75m buying back its own shares as its chief said she wanted to “refute any unfounded inferences”.

Darktrace’s share price has slumped around 11pc since Monday, when New York short-seller Quintessential Capital Management acquired a 0.86pc stake and then accused Darktrace of accounting fraud. Poppy Gustafsson said it was “important to refute any unfounded inferences about the listed business we are today and push back in the strongest terms on any suggestions that this is a business that is not being run with the greatest integrity”.

A proposed buyout of Darktrace by US private equity firm Thoma Bravo fell through last summer.