Wirecard AG (WCAGY, WRCDF) Investor Securities Class Action Lawsuit 02/08/2019

If you purchased shares of Wirecard AG (WCAGY, WRCDF), you have certain options and for certain investors are short and strict deadlines running. Deadline: April 9, 2019. WCAGY, WRCDF investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Wirecard
Case Name: 
Wirecard Shareholder Class Action Lawsuit 02/08/2019
Case Status: 
Lawsuit Filed
Affected Securities
OTC: WCAGY
OTC: WRCDF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/08/2019
Class Period Begin: 
04/07/2016
Class Period End: 
02/01/2019
Court of Filing: 
U.S. District Court for the District of New Jersey
Deadline To File for Lead: 
04/09/2019
Summary: 

An investor in shares of Wirecard AG (WCAGY, WRCDF) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Wirecard AG in connection with certain allegedly false and misleading statements made between April 7, 2016 and February 1, 2019.

Germany based Wirecard AG, a technology company, provides outsourcing and white label solutions for electronic payment transactions worldwide. Wirecard AG (WCAGY, WRCDF) reported that its annual Total Revenue rose from over $1.05 billion in 2016 to over $1.53 billion in 2017 and that its Net Income declined from $266.74 million in 2016 to $259.71 million in 2017.

Shares of Wirecard AG (WCAGY, WRCDF) grew from $33.70 per share in early2016 to as high as $227.94 per share in August 2018.

On January 30, 2019, The Financial Times reported that a senior executive at the Company was suspected of using forged contracts in connection with several suspicious transactions. The article cited "[a]n internal presentation [that] described potentially fraudulent money flows at Wirecard," relating to "transactions [that] were ordered by Edo Kurniawan, who is responsible for the payment group's accounting in the Asia-Pacific region."

According to the complaint the plaintiff alleges on behalf of purchasers of Wirecard AG (WCAGY, WRCDF) common shares between April 7, 2016 and February 1, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 7, 2016 and February 1, 2019, the defendants made false and/or misleading statements and/or failed to disclose that 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, that 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”, that Wirecard had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses, and that 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.