Lead Plaintiff Deadline: 09/07/2020
SUMMARY OF CASE:
A securities class action has been filed against Wirecard AG (WCAGY) (WRCDF) on behalf of purchasers of the securities of Wirecard between August 17, 2015 through June 24, 2020. This case has been filed in the USDC – E.D.PA.
According to the lawsuit, defendants, including the Company’s auditor, throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Wirecard overstated its cash balances during the Class Period, falsely claiming €1.9 billion; (2) Wirecard overstated its financial results, including revenue and EBITDA; (3) Wirecard did not have adequate risk management or countermeasures; (4) Wirecard’s auditor failed to audit the Company in accordance with applicable auditing principles; and (5) as a result, defendants’ statements about Wirecard’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.