Wirecard shares tumble after new fraud allegations

Tuesday, 15. October 2019 10:27

Shares Wirecard AG dropped more than 20% on Tuesday after the Financial Times published another report on the alleged fraudulent practices of the German financial services provider.

FT published internal documents as well as correspondence from senior finance managers which indicate Wirecard may have doctored sales and profits in Dubai and Ireland, possibly to mislead its main auditor Ernst & Young. The company has called the accusations "total nonsense."

At 10:25 am CET, Wirecard was down 16.82% to $116.45.

Related Links: Wirecard AG
Author:
Breaking the News / MD