Darktrace plungs after shareholder loses appeal against extradition to US

Shares of Darktrace plunged following news that shareholder Michael Lynch had lost an appeal against extradition to the US on fraud charges.

"While Mr Lynch will probably appeal, it once again raises the concern that, as a key shareholder in the company through his Invoke Capital Fund, any fallout from Lynch’s problems with the US could prompt an unwelcome distraction for, and on the business, and Lynch’s involvement in it," said Michael Hewson, chief market analyst at CMC Markets UK.

As of 1559 BST, shares of the cyber-security artificial intelligence specialist were trading down by 10.59% at 642.0p.

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