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NEW YORK, July 15, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Wirecard AG ("Wirecard" or the "Company") (OTC:WCAGY, WRCDF))). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
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The investigation concerns whether Wirecard and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On June 18, 2020, Wirecard announced that it would delay publication of its annual and consolidated financial statements for 2019, and revealed that about €1.9 billion ($2.1 billion) in cash has 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.
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Following the Company's announcement, Wirecard's American depositary receipt ("ADR") price fell $38.30 per share, or 65.47%, to close at $20.20 per share on June 18, 2020.
Then, on June 23, 2020, multiple news outlets reported that former Wirecard Chief Executive Officer Markus Braun was arrested in Germany on suspicion of having inflated the Company's balance sheet and sales. Wirecard's ADR price has fallen over 75% following these revelations.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.