LOS ANGELES–(BUSINESS WIRE)–$WCAGY #fraud—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Wirecard AG (“Wirecard,” the “Group,” or the “Company (OTC: WCAGY, WRCDF) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your Wirecard investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/wirecard-ag/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On June 18, 2020, the Company announced the need to further delay publication of its financial results and revealed that about €1.9 billion ($2.1 billion) in cash had gone missing. The Company also warned that loans up to €2 billion could be terminated. Additionally, the Company stated that 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.
On this news, the Company’s share price fell $69.74, or over 69%, to close at $29.90 per share on June 18, 2020.
On June 23, 2020, CNN reported that Wirecard’s former CEO, Markus Braun, was arrested “after a $2.1 billion hole exploded in [Wirecard’s] accounts.” The article further stated that “Munich prosecutors confirmed that Braun, Wirecard’s former CEO, was arrested on suspicion of having inflated the digital payment company’s balance sheet and sales through fake transactions in order to make it more attractive to investors and customers.”
On this news, the Company’s share price fell $4.85, or over 34%, to close at $11.41 on June 23, 2020, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding Wirecard should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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