LOS ANGELES, June 18, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Wirecard AG (OTC: WCAGY) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On June 18, 2020, the Company stunned investors by announcing 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.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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