LOS ANGELES–(BUSINESS WIRE)–$WCAGY #WCAGY—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Wirecard AG (“Wirecard” or “the Company”) (OTC: WCAGY, WRCDF) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Wirecard announced on June 18, 2020, that about 1.9 billion euros ($2.1 billion) in cash has gone missing, shocking investors. The Company admitted that loans of up to 2 billion euros could be terminated based on additional delay in publishing its financial results, which have already been delayed four times. Auditor Ernst & Young could not confirm the location of the missing cash, saying evidence of “spurious balance confirmations” had been provided. According to Wirecard, the missing money accounts to about a quarter of the Company’s balance sheet. Shares of Wirecard have traded down by about 70% since the announcement.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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