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Wirecard AG: Portnoy Law Advises Last Days to Participate Actively in the Class Action Lawsuit

Portnoy Law
·2-min read

Investors are encouraged to contact the firm before September 8, 2020; click here to submit trade information

LOS ANGELES, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Wirecard AG (OTC: WCAGY, WRCDF) investors that acquired shares between October 31, 2018 and July 6, 2020. Investors have until September 8, 2020 to seek an active role in this litigation.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

On June 18, 2020, the Company stunned investors by announcing that the need to further delay publication of its financial results, and revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing. The company warned loans up to 2 billion euros could be terminated if its audited annual report, delayed for the fourth time, was not published by June 19.

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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, Wirecard said in a statement on Thursday. That’s about a quarter of the consolidated balance sheet total, Wirecard said.

On this news, Wirecard’s stock fell over 60% in intraday trading on June 18, 2020.

The Portnoy Law Firm has commenced an investigation into these claims of alleged securities fraud and currently prepares a complaint on behalf of investors.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 8, 2020.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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