Shares in listed funder Litigation Capital Management (LCM) crashed by 60% yesterday after the number of cases it has lost meant there was “a material uncertainty in relation to our going concern status”. In the year to 30 June, LCM won six cases and lost six cases, with a further three, worth £22m, under appeal after losing. LCM, which originated in Australia but listed in London in 2018, recorded net gains of £11m in the year, with concluded case investments generating a 1.8x multiple of invested capital, but a total loss of £41m given the case losses. Chairman Jonathan Moulds said the financial strain from case losses and reduced cash realisations has increased LCM’s reliance on its debt facility. Mr Moloney said: “A recurring factor in recent losses has been insufficient critical evaluation of expert reports, as case lawyers often lack the quantitative expertise to challenge them effectively.