The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Wirecard AG (OTC: WRCDF) who purchased shares between August 17, 2015 and June 24, 2020. The action, which was filed in the United States District Court for the Eastern District of Pennsylvania, alleges that the Company violated federal securities laws.
In particular, the Wirecard lawsuit alleges that (1) Wirecard overstated its cash balances during the Class Period, falsely claiming €1.9 billion of cash in a trust account that was missing; (2) Wirecard overstated its financial results during the Class Period, including revenue and EBITDA; (3) Wirecard did not have adequate risk management or countermeasures; (4) the Company’s external auditor failed to audit Wirecard in accordance with applicable auditing principles; and (5) 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.
Shareholders have until September 8, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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