LOS ANGELES, CA / ACCESSWIRE / July 7, 2020 / 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 PINK:WCAGY)(OTC PINK: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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SOURCE: The Schall Law Firm
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