The company’s valuation has fallen from $28.6 billion in 2018 to $2.6 billion as of today.
on Thursday it could not locate $2.1 billion, leading long-time CEO and founder Markus Braun to resign.... [+]The company’s valuation to fall from $28.6 billion in September of 2018 to $2.6 billion on Friday.
This caused shares of the company—which did over $2.3 billion in 2018 revenue—to tank by as much as 52% on Friday on the German stock exchange , according toGermany’s Federal Financial Supervisory Authority is investigating whether the company manipulated markets, among other matters, according to Bloomberg. by time of publication, though Braun said in statement: “It cannot be ruled out that Wirecard has been the victim in a substantial case of fraud.
Wirecard lenders may hire a third party to aid in avoiding a potentially massive default, an anonymous source told Bloomberg.the company’s Singapore outpost inflated revenue with forged and backdated contracts, with staff who faked sales and profit numbers in Dublin and Dubai to mislead auditors. The company responded by denying the charges and suing the paper, alleging it colluded with short-sellers, though external legal investigation cleared the.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t ExistThe chief executive of fintech giant Wirecard resigned after two banks in the Philippines meant to be holding over $2 billion on behalf of the company said they don’t have the cash and never did.
Read more »
Atlanta Police Receive $2 Million In Bonuses From Local Foundation As Morale PlummetsThe Atlanta police received $2 million in bonuses from a local foundation as morale plummets by lisettevoytko
Read more »
Atlanta Police Receive $2 Million In Bonuses From Local Foundation As Morale Plummets20 squad cars are also being gifted as replacements for ones destroyed in recent protests.
Read more »
'Detect waste, fraud': Watchdogs warn of potential problems in $2.4T coronavirus spendingCongress created a committee of inspectors general to keep tabs on how $2.4 trillion is spent to respond and recover from the coronavirus pandemic
Read more »
The CEO of scandal-hit Wirecard resigns after company reveals $2 billion cash went missing - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
It was once Germany's fintech star. Now, a missing $2 billion puts Wirecard's future in doubtWirecard is facing a fight for survival amid scrutiny into its accounting practices.
Read more »