Darktrace hires EY to review financial processes after damning short seller report
Cybersecurity firm Darktrace on Monday said it has appointed auditing firm EY to review its "key financial processes and controls."
Darktrace's board chair Gordon Hurst said the decision to launch a review was a sign of its confidence in the robustness of Darktrace's financial processes.Darktrace, one of the U.K.'s largest cybersecurity companies, was founded in 2013 by a group of former intelligence experts and mathematicians.
EY will report to the chair of Darktrace's audit and risk committee, Paul Harrison, Darktrace said. Darktrace said it doesn't expect to be in a position to update markets on the review by the time of its first-half earnings report on Mar. 8 and didn't provide a timeline or when it would release the findings.
Darktrace, whose tools allow firms to combat cyberthreats with artificial intelligence, was last month targeted in a report by New York-based asset manager Quintessential Capital Management, which investigated Darktrace's business model and selling practices.
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