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<u>$WRCDF: INSOLVENT !!!!!!!!!!!!</u>

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makinezmoney Member Level  Thursday, 06/25/20 10:55:46 AM
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$WRCDF: INSOLVENT !!!!!!!!!!!!

Wirecard filed for insolvency and its stock was suspended from trading Thursday amid a fast-evolving accounting and governance scandal that led to the resignation of Chief Executive Markus Braun last week. This came after two banks in the Philippines said letters claiming that they held EUR1.9 billion of the German fintech company's cash were fraudulent. Mr. Braun was arrested on Monday and accused by Munich city prosecutors of inflating Wirecard's sales with fake income. Hedge funds have betted against Wirecard's stock with short positions for years. Despite concerns regarding the company's business ethics, especially its accounting practices in Asia, its market valuation kept growing, surpassing Germany's two largest banks--Deutsche Bank and Commerzbank--at its EUR28 billion peak in August.

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