This lawsuit is for anyone who acquired securities in Wirecard AG (OTC: WCAGY, WRCDF) from August 17, 2015 through June 24, 2020.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by inflating the Company's cash balances by over $2 billion dollars in order to artificially inflate the price of the Company's stock.
On June 18, 2020, the Company announced that it would further delay publication of its financial results because that it could not find over $2 billion dollars that it was supposed to have in its accounts. The Company also stated that its auditor, Ernst & Young, was unable to find the cash but instead found evidence that the Company provided the auditor with "spurious balance confirmations." On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on June 23, 2020, CNN reported that police arrested Wirecard’s former CEO, Markus Braun, and that, "Munich prosecutors confirmed that Braun, Wirecard's former CEO, was arrested on suspicion of having inflated the digital payment company's balance sheet and sales through fake transactions in order to make it more attractive to investors and customers.” On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Wirecard AG (OTC: WCAGY, WRCDF) from August 17, 2015 through June 24, 2020 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.