Wirecard shares plunge as auditor finds no evidence for quarter of balance sheet
Shares of Wirecard WDI, -55.78% lost 59% as the company said Ernst & Young told it that no sufficient audit evidence could be obtained so far of cash balances on trust accounts of 1.9 billion euros, or approximately a quarter of the balance sheet.
"There are indications that spurious balance confirmations had been provided from the side of the trustee respectively of the trustee's account holding banks to the auditor in order to deceive the auditor and create a wrong perception of the existence of such cash balances or the holding of the accounts for to the benefit of Wirecard group companies.
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