Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Wirecard AG (Wirecard or the Company) (OTC: WCAGY, WRCDF) securities between April 7, 2016 and February 1, 2019, inclusive (the Class Period). Wirecard investors have until April 9, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Wirecard investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On January 30, 2019 the Financial Times reported that a Wirecard executive was suspected of using forged contracts to complete suspicious transactions. Then on February 1, 2019, the Financial Times alleged that a law firm hired by Wirecard discovered serious offenses of forgery and/or of falsification of accounts. On this news, shares of Wirecard fell nearly 20%, thereby injuring investors.
The Complaint filed in this class action alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) 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; (2) an external law firm commissioned to investigate Wirecards Singapore office had reportedly found evidence of serious offences of forgery and/or of falsification of accounts; (3) Wirecard had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (4) as a result, defendants statements about Wirecards business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased shares of Wirecard, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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