Wirecard is cooperating with authorities investigating the German payments company over possible market manipulation, it said on Sunday as it reiterated its 2020 earnings outlook.
FILE PHOTO: The headquarters of payments company Wirecard AG in Aschheim near Munich, Germany, April 25, 2019. REUTERS/Michael Dalder
Munich prosecutors on Friday said they had searched Wirecard’s headquarters and opened proceedings against the company’s entire management board as part of an investigation initiated by Germany’s financial regulator BaFin. “The management board and the company respect the investigations and cooperate with the authorities. All data requested by the authorities during the search were provided at short notice,” Wirecard said in a statement.
The company founded in 1999 has profited from a boom in online payments but its share price has plunged after allegations of fraud and false accounting by the FT and the postponement of Wirecard’s annual results after an independent audit by KPMG failed to verify its financial reports.
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