HAGENS BERMAN, APPOINTED LEAD COUNSEL in Wirecard Securities Fraud Class Action, Notifies Wirecard Investors (WCAGY; WRCDF; WDI) of Intent to File Amended Complaint to Recover Losses Stemming From Reportedly Missing $2.1 Billion in Cash

The truth emerged through a series of expose articles published by the Financial Times beginning on Jan. 30, 2019, revealing an elaborate accounting fraud orchestrated at the highest levels of WireCard. 

On May 6, 2019, the Court appointed an individual Wirecard investor Lead Plaintiff for the Class and Hagens Berman as Lead Counsel.

On Feb. 14, 2020, Lead Plaintiff filed a first amended class action complaint.

Since this time, revelations about the full extent of the alleged accounting fraud continued and became worse.  On June 18, 2020, Wirecard disclosed that its external auditor was unable to confirm the existence of $2.1 billion in cash balances on trust accounts, representing about 25% of the company's balance sheet.  Moreover, Wirecard reportedly warned that a failure to provide certified annual and consolidated financial statements by June 19, 2020 would allow approximately 2 billion euro loans to be terminated. This news sent the price of Wirecard securities crashing over 60% lower.

The court has granted Lead Plaintiff leave to file an amended complaint on Aug. 14, 2020, which will expand the alleged fraudulent period to cover recent stock drops caused by the revelation of Wirecard's financial fraud, including the company's June 18 disclosure.

"Wirecard has long lied about its finances and almost fooled investors that information to the contrary was false. We are focusing our investigation on who knew what and when, including their accountants," said Hagens Berman partner Reed Kathrein.

For more information about the case visit:  https://www.hbsslaw.com/cases/WRCDF

Whistleblowers:  Persons with non-public information regarding Wirecard should consider their options to help in the investigation or take advantage of the SEC Whistleblower program.  Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call Reed Kathrein at 510-725-3000 or email mailto:WRCDF@hbsslaw.com.

About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 78 attorneys in 9 offices across the country.  The firm represents investors, whistleblowers, workers and consumers in complex litigation.  More about the firm and its successes can be found at www.hbsslaw.com.  For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 510-725-3000

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SOURCE Hagens Berman Sobol Shapiro LLP