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Lawsuit filed for Investors with significant financial losses in Wirecard AG (OTC: WCAGY, WRCDF)

07-17-2020 08:38 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Wirecard AG (OTC: WCAGY, WRCDF) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Wirecard AG (OTC: WCAGY, WRCDF) shares over alleged securities laws violations.

An investor, who purchased shares of Wirecard AG (OTC: WCAGY, WRCDF), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Wirecard AG in connection with certain allegedly false and misleading statements made between August 17, 2015 and June 24, 2020.

Investors who purchased shares of Wirecard AG (OTC: WCAGY, WRCDF) have certain options and for certain investors are short and strict deadlines running. Deadline: September 8, 2020. Wirecard AG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Germany based Wirecard AG, a technology company, provides outsourcing and white label solutions for electronic payment transactions worldwide. Wirecard AG (WCAGY, WRCDF) reported that its annual Total Revenue rose from over $1.05 billion in 2016 to over $1.53 billion in 2017 and that its Net Income declined from $266.74 million in 2016 to $259.71 million in 2017.

On January 30, 2019, The Financial Times reported that a senior executive at the Company was suspected of using forged contracts in connection with several suspicious transactions. The article cited "[a]n internal presentation [that] described potentially fraudulent money flows at Wirecard," relating to "transactions [that] were ordered by Edo Kurniawan, who is responsible for the payment group's accounting in the Asia-Pacific region."
On June 18, 2020, Wirecard AG stunned investors by announcing the need to further delay publication of its financial results and revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing. Wirecard AG warned loans up to 2 billion euros could be terminated if its audited annual report, delayed for the fourth time, was not published by June 19.
Ernst & Young was unable to confirm the location of the cash in certain trust accounts, and there was evidence that “spurious balance confirmations” had been provided, Wirecard said in a statement on Thursday. That’s about a quarter of the consolidated balance sheet total, Wirecard said. Wirecard’s stock has fallen over 70% since the revelation.

On June 19, 2020, Wirecard announced its CEO, Markus Braun resigned effective immediate.

On June 23, 2020, it was reported that the former chief executive officer of Wirecard AG was arrested by Munich prosecutors. Wirecard faced further investigations as Germany’s top financial regulator BaFin on Tuesday reported Wirecard AG to the prosecutors for alleged market manipulation.

The plaintiff claims that between August 17, 2015 and June 24, 2020, the defendants, including the Company's auditor, throughout the Class Period made false and/or misleading statements and/or failed to disclose that Wirecard overstated its cash balances during the Class Period, falsely claiming €1.9 billion, that Wirecard overstated its financial results, including revenue and EBITDA, that Wirecard did not have adequate risk management or countermeasures, that Wirecard's auditor failed to audit the Company in accordance with applicable auditing principles, and that as a result, defendants' statements about Wirecard's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Wirecard AG (OTC: WCAGY, WRCDF) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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