Wirecard sinks 70% after filing for insolvency

Thursday, 25. June 2020 11:55

Shares of Wirecard AG tumbled over 70% after it was announced the company will file an application for insolvency due to an accounting scandal over a missing €1.9 billion. After the announcement, the trading of the company's shares was suspended for an hour.

Last week, EY blocked Wirecard from releasing its 2019 earnings because it couldn't find sufficient audit evidence of €1.9 billion on its balance sheet. As of now, the company is owing creditors $4 billion.

Wirecard plunged 70.66% to sell for €3.71 per share at 11:52 am CET.

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Breaking the News / TF