LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Wirecard AG To Contact The Firm
NEW YORK, March 20, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Wirecard AG (“Wirecard” or the “Company”) (Other OTC:WRCDF) of the April 9, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Wirecard stock or options between April 7, 2016 and February 1, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/WRCDF. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Wirecard securities between April 7, 2016 and February 1, 2019 (the “Class Period”). The case, Mark DalPoggetto v. Wirecard AG et al., No. 19-cv-00986 was filed on February 8, 2019, and has been assigned to Judge Fernando M. Olguin.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and or misleading statements and/or failing to disclose that: (1) for the period spanning from 2015 to 2018, a senior Wirecard executive in Singapore had been accused of forging and backdating contracts, including falsifying accounts and money laundering; (2) an external law firm commissioned to investigate Wirecard’s Singapore office had reportedly found evidence of “serious offences of forgery and/or of falsification of accounts”; (3) Wirecard had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (4) as a result, Defendants’ statements about Wirecard’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on January 30, 2019, The Financial Times reported that “[a] senior Wirecard executive was last year suspected of using forged and backdated contracts in a string of suspicious transactions[.]” According to the article, an internal presentation “outlined potential violations of Singapore law, including ‘falsification of accounts’ and ‘money laundering.’” Further, “[t]he whistleblower who briefed the FT on the document was motivated to do so, the person said, out of a concern that no action appeared to have been taken over potentially criminal acts inside a company presenting itself as a blue-chip financial institution.”
On this news, the Company’ stock price fell from $190.00 per share on January 29, 2019 to $161.90 per share on January 30, 2019—a $28.10 or 14.79% drop. Then, on February 1, 2019, The Financial Times reported that “[a]n external law firm commissioned by Wirecard to investigate the payment company’s Singapore office found evidence indicating ‘serious offences of forgery and/or of falsification of accounts’, according to a preliminary report on the inquiry seen by the Financial Times.”
On this news, the Company’s stock price fell from $164.05 per share on January 31, 2019 to $133.88 per share on February 1, 2019—a $30.17 or 18.39% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Wirecard’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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