NEW YORK, July 21, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Wirecard AG ("Wirecard" or the "Company") (OTCMKTS: WCAGY; WRCDF). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Wirecard and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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.
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.
Robert S. Willoughby
SOURCE Pomerantz LLP