On June 18, 2020, the Company stunned investors by announcing that 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. The company 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.
On this news, Wirecard’s stock fell over 60% in intraday trading on June 18, 2020.
The Portnoy Law Firm has commenced an investigation into these claims of alleged securities fraud and currently prepares a complaint on behalf of investors.
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