Wirecard share plunges to the bottom - Wirecard share plunges to the bottom

Published on: June 25, 2020 / Updated on: June 28, 2020 – Author: Konrad Wolfenstein

Wirecard shares plummet – @shutterstock | Rico Markus

A €1.9 billion hole has opened up in Wirecard's balance sheet – money that apparently never existed. This was too much for the payment service provider, which has now filed for insolvency. The already severely damaged share price of the DAX-listed company subsequently plummeted, as the chart shows. This brings a long-simmering accounting scandal to a catastrophic end. Wirecard had already been forced to postpone the release of its financial statements several times because auditors refused to certify them due to irregularities.

There is a 1.9 billion euro hole in Wirecard's balance sheet – money that obviously never existed. Too much for the payment service provider, which has now filed for insolvency. As a result, the DAX company's already severely battered share price plunged into the bottomless pit, as a glance at the chart shows. Thus, a balance sheet scandal that had been smoldering for some time ended in disaster. Wirecard has already had to postpone the presentation of its balance sheet several times before because the auditors refused to issue an auditor's certificate due to inconsistencies.

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