May 10, 2021 - A suggestion of bankruptcy was filed.

December 22, 2020 - A consolidated complaint was filed.

July 7, 2020 - An investor in shares of Wirecard AG (OTC: WCAGY, WRCDF) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by Wirecard AG in connection with certain allegedly false and misleading statements made between August 17, 2015 and June 24, 2020.

Germany based Wirecard AG, a technology company, provides outsourcing and white label solutions for electronic payment transactions worldwide. Wirecard AG (WCAGY, WRCDF) reported that its annual Total Revenue rose from over $1.05 billion in 2016 to over $1.53 billion in 2017 and that its Net Income declined from $266.74 million in 2016 to $259.71 million in 2017. On January 30, 2019, The Financial Times reported that a senior executive at the Company was suspected of using forged contracts in connection with several suspicious transactions. The article cited [a]n internal presentation [that] described potentially fraudulent money flows at Wirecard, relating to transactions [that] were ordered by Edo Kurniawan, who is responsible for the payment group's accounting in the Asia-Pacific region.

On June 18, 2020, Wirecard AG stunned investors by announcing the need to further delay publication of its financial results and revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing. Wirecard AG warned loans up to 2 billion euros could be terminated if its audited annual report, delayed for the fourth time, was not published by June 19. Ernst & Young was unable to confirm the location of the cash in certain trust accounts, and there was evidence that “spurious balance confirmations” had been provided, Wirecard said in a statement on Thursday. That’s about a quarter of the consolidated balance sheet total, Wirecard said. Wirecard’s stock has fallen over 70% since the revelation.

On June 19, 2020, Wirecard announced its CEO, Markus Braun resigned effective immediate. On June 23, 2020, it was reported that the former chief executive officer of Wirecard AG was arrested by Munich prosecutors. Wirecard faced further investigations as Germany’s top financial regulator BaFin on Tuesday reported Wirecard AG to the prosecutors for alleged market manipulation.

According to the complaint the plaintiff alleges on behalf of purchasers of Wirecard AG (OTC: WCAGY, WRCDF) common shares between August 17, 2015 and June 24, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 17, 2015 and June 24, 2020, the defendants, including the Company's auditor, throughout the Class Period made false and/or misleading statements and/or failed to disclose that Wirecard overstated its cash balances during the Class Period, falsely claiming €1.9 billion, that Wirecard overstated its financial results, including revenue and EBITDA, that Wirecard did not have adequate risk management or countermeasures, that Wirecard's auditor failed to audit the Company in accordance with applicable auditing principles, and that 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. When the true details entered the market, the lawsuit claims that investors suffered damages.