On or around 05/15/2019 (Ongoing date of last review)
Filing Date: February 08, 2019
According to the Complaint, Wirecard, a technology company, purports to provide outsourcing and white label solutions for electronic payment transactions worldwide.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) for the period spanning from 2015 to 2018, a senior Wirecard executive in Singapore had been accused of forging and backdating contracts, including falsifying accounts and money laundering; (2) an external law firm commissioned to investigate Wirecard’s Singapore office had reportedly found evidence of “serious offences of forgery and/or of falsification of accounts”; (3) Wirecard had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (4) 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.
On May 6, 2019, the Court issued an Order appointing Lead Plaintiff and Lead Counsel.
Company & Securities Information
Defendant: Wirecard AG
Industry: Software & Programming
Ticker Symbol: WCAGY
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
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In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.