Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Wirecard AG (WCAGY, WRCDF)

LOS ANGELES, Aug. 10, 2020 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming September 8, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Wirecard AG ("Wirecard," the "Group," or the "Company")  (OTC: WCAGY, WRCDF) investors who purchased securities between August 17, 2015 and June 24, 2020, inclusive (the "Class Period").

If you suffered a loss on your Wirecard investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/wirecard-ag/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On June 18, 2020, the Company announced the need to further delay publication of its financial results and revealed that about ?1.9 billion ($2.1 billion) in cash had gone missing. The Company also warned  that loans up to ?2 billion could be terminated. Additionally, the Company stated that Ernst & Young was unable to confirm the location of the cash in certain trust accounts and there was evidence that "spurious balance confirmations" had been provided.

On this news, the Company's share price fell $69.74, or over 69%, to close at $29.90 per share on June 18, 2020.

On June 23, 2020, CNN reported that Wirecard's former CEO, Markus Braun, was arrested "after a $2.1 billion hole exploded in [Wirecard's] accounts." The article further stated 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 Company's share price fell $4.85, or over 34%, to close at $11.41 on June 23, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Wirecard overstated its cash balances during the Class Period, falsely claiming ?1.9 billion of cash in a trust account that was missing; (2) that Wirecard overstated its financial results during the Class Period, including revenue and EBITDA; (3) that Wirecard did not have adequate risk management or countermeasures; (4) that EY 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.

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If you purchased or otherwise acquired Wirecard securities during the Class Period, you may move the Court no later than September 8, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Glancy Prongay & Murray LLP