NEW YORK, June 19, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Wirecard AG ("Wirecard" or the "Company") (OTC: WRCDF).
If you are a Wirecard shareholder and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by the Wirecard Board of Directors for the alleged dissemination of materially false and/or misleading information in connection with the Company's operations. Specifically, that €1.9 billion ($2.1 billion) of the Company's money went missing. This money was supposed to be held in trust accounts on behalf of Wirecard and its payment-processing partners. Instead, the Company's auditor found "no sufficient audit evidence" that the money was in these trust accounts.
As a result of these issues, the Company allegedly made materially false and/or misleading statements and/or failed to disclose that: (i) up 2 billion euros in loans could be terminated if it delayed filing its 2019 financial results for a fourth time; (ii) false balance sheet information had been recorded; and (iii) as a result of 18 months of allegations of fraud and questionable accounting practices, the Company's stock lost as much as 75% of its value in two trading days.
On June 18th, Wirecard's CEO Jan Marsalek was suspended. The Company's CEO Markus Braun announced his resignation the very next day. Wirecard has also come under investigation from German and U.S. regulators over its accounting practices, disclosures to investors and insider trading. The Financial Times has reported problems at Wirecard's Singapore offices, including false accounting and fraud.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]
SOURCE WeissLaw LLP