Energy News / Shareholders Foundation, Inc.

WCAGY, WRCDF Shareholder Notice: Lawsuit Alleges Securities Laws VIolations by Wirecard AG

Via: ReleaseWire

Updated 10:03 AM CST, Fri, February 22,2019

A lawsuit was filed on behalf of investors in Wirecard AG (WCAGY, WRCDF) shares over alleged securities laws violations.

San Diego, CA -- (SBWIRE) -- 02/22/2019 -- An investor, who purchased shares of Wirecard AG (WCAGY, WRCDF), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Wirecard AG in connection with certain allegedly false and misleading statements made between April 7, 2016 and February 1, 2019.

Investors who purchased shares of Wirecard AG (WCAGY, WRCDF) have certain options and for certain investors are short and strict deadlines running. Deadline: April 9, 2019. WCAGY, WRCDF investors should contact the Shareholders Foundation at or call +1(858) 779 - 1554.

Germany based Wirecard AG, a technology company, provides outsourcing and white label solutions for electronic payment transactions worldwide. Wirecard AG (WCAGY, WRCDF) reported that its annual Total Revenue rose from over $1.05 billion in 2016 to over $1.53 billion in 2017 and that its Net Income declined from $266.74 million in 2016 to $259.71 million in 2017.

On January 30, 2019, The Financial Times reported that a senior executive at the Company was suspected of using forged contracts in connection with several suspicious transactions. The article cited "[a]n internal presentation [that] described potentially fraudulent money flows at Wirecard," relating to "transactions [that] were ordered by Edo Kurniawan, who is responsible for the payment group's accounting in the Asia-Pacific region."

The plaintiff claims that between April 7, 2016 and February 1, 2019, the defendants made false and/or misleading statements and/or failed to disclose that for the period spanning from 2015 to 2018, a senior Wirecard executive in Singapore had been accused of forging and backdating contracts, including falsifying accounts and money laundering, that an external law firm commissioned to investigate Wirecard's Singapore office had reportedly found evidence of "serious offences of forgery and/or of falsification of accounts", that Wirecard had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses, and that 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.

Those who purchased shares of Wirecard AG (WCAGY, WRCDF) have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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Michael Daniels
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