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SAN FRANCISCO, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP updates investors in Wirecard AG (WCAGY; WRCDF) regarding the Firm’s investigation of possible violations of the Federal securities laws. If you purchased or otherwise acquired Wirecard securities between April 1, 2018 and February 1, 2019 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On January 30, 2019, the Financial Times reported that an internal Wirecard presentation outlined potential falsification of accounts and money laundering. A Wirecard compliance officer reportedly prepared the presentation for senior executives.
Then, on February 7, 2019 the Financial Times reported that a preliminary report by one of Asia’s most eminent legal firms indicated two senior executives in the Company’s Munich head office had at least some awareness of a reported “round tripping” scheme whereby “a lump of money would leave the bank Wirecard owns in Germany, show its face on the balance sheet of a dormant subsidiary in Hong Kong, depart to sit momentarily in the books of an external ‘customer’, then travel back to Wirecard in India, where it would look to local auditors like legitimate business revenue.”
The prices of Wirecard securities have significantly fallen since January 30, 2019.
“We’re focused on investors’ losses, the extent to which senior management may have engaged in improper round-tripping transactions, and whether investors may have been misled,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Wirecard should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email WRCDF@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.