On or around 07/08/2020 (Date of last review)
Filing Date: July 07, 2020
According to the Complaint, Wirecard is a technology company which purports to provide outsourcing and white label solutions for electronic payments worldwide. The Company operates in three segments: Payment Processing & Risk Management, Acquiring & Issuing, and Call Center & Communication Services.
The Complaint alleges Defendants 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 of cash in a trust account that was missing; (2) Wirecard overstated its financial results during the Class Period, including revenue and EBITDA; (3) Wirecard did not have adequate risk management or countermeasures; (4) Wildcard's external auditor failed to audit Wirecard 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.
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
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
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.
First Identified Complaint
Carol A. Brown, et al. v. Wirecard AG, et al.
COURT: E.D. Pennsylvania
DOCKET #: 20-CV-03326
JUDGE: Hon. ANITA B. BRODY
DATE FILED: 07/07/2020
CLASS PERIOD START: 08/17/2015
CLASS PERIOD END: 06/24/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm, P.A. (Jenkintown)
First Identified Complaint (FIC) Filings:
Complaint - Class Action
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available