NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Wirecard AG (OTC: WCAGY and WRCDF) resulting from allegations that the board of directors of Wirecard may have breached its fiduciary duties to shareholders.
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. Wirecard’s stock has fallen over 70% since the revelation.
Rosen Law Firm is preparing a securities lawsuit on behalf of Wirecard shareholders. If you purchased securities of Wirecard please visit the firm’s website at http://www.rosenlegal.com/cases-register-1880.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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