Losses in Wirecard Stock
German payment processor Wirecard’s shares recently plummeted by more than 60 percent after its auditor alleged that it can’t find evidence for a quarter of the company’s cash on its balance sheet.
According to reports, Wirecard’s auditor Ernst & Young didn’t have sufficient evidence for $1.9 billion euros that Wirecard’s balance sheet reflected were held in cash. This comes after the Financial Times reported in October 2019 that Wirecard appeared to have inflated sales and profits at subsidiaries.
If your financial advisor over-concentrated your investments in Wirecard shares, or if you have suffered substantial losses in Wirecard stock (which trades under the stock symbol WDI), you may have legal recourse. If your advisor recommended buying or holding Wirecard positions, contact one of our experienced securities attorneys at 888-744-0142 to further discuss your claims.
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The Business Trial Group is part of the largest contingency law firm in the nation, with more than 700 lawyers and offices across the country. Our attorneys regularly battle against brokerage firms, investment advisory firms, and banks, and have helped investors recover tens of millions of dollars of investment losses.