Why Shares of Wirecard Are Falling Today
Shares of Wirecard (OTC: WCAGY) fell 30% on Friday after the German payment company's founder resigned. The stock is down more than 70% for the week as investors try to make sense of a deepening accounting scandal at the company.
Wirecard on Thursday said its auditor, Ernst & Young, could find no evidence of the 1.9 billion euros ($2.1 billion) the company claimed to have on its balance sheet. Wirecard said that as a result it would be forced to postpone its 2019 annual report, and it warned the issue could lead lenders to call loans and force Wirecard into administration.
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Source Fool.com
