|Bid||2.3255 x 37100|
|Ask||2.3300 x 20900|
|Day's range||2.3005 - 2.6500|
|52-week range||1.0802 - 159.8000|
|Beta (5Y monthly)||0.17|
|PE ratio (TTM)||0.60|
|Earnings date||05 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||19 Jun 2019|
|1y target est||205.49|
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Wirecard AG (OTC: WCAGY, WRCDF) between August 17, 2015 and June 24, 2020, inclusive (the "Class Period"), of the important September 8, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Wirecard investors under the federal securities laws.
Shareholder rights law firm Robbins LLP announces that a purchaser of Wirecard AG (OTC: WCAGY, WRCDF) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between August 17, 2015 and June 24, 2020. Wirecard is a technology company that provides outsourcing and white label solutions for electronic payments worldwide.
(Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son has enjoyed a $12 billion renaissance the past three months, easing the pressure on his intricately engineered personal finances.With SoftBank Group’s shares surging to their highest price in two decades on Thursday, Son’s net worth hit $20 billion, more than doubling from $8.4 billion in March, according to the Bloomberg Billionaires Index. It is the first time the 62-year-old’s fortune has topped $20 billion since January 2013, when the ranking first started tracking his wealth.The calculation excludes about $13.3 billion of his SoftBank Group shares pledged as collateral, representing some 40% of his stake, according to regulatory filings. A further 26% of his holding is lent out for a fee to different entities, mostly brokerages, likely to add liquidity to the market. Those shares are included in Son’s net worth calculation because he retains control over them.“For those lending shares, it’s about creating incremental revenue,” said Andrew Dyson, chief executive officer of the International Securities Lending Association. He noted such transactions ease the execution of trades, while enabling hedging and shorting strategies. “Lending out securities generates hundreds of millions of dollars in fees a quarter.”SoftBank Group shares have surged 133% from a low in March, taking the Tokyo-based company’s market value to $123 billion. While its Vision Fund lost almost $18 billion in the latest fiscal year as it wrote down the value of investments in WeWork, Uber Technologies Inc. and others, record equity buybacks and a series of wins have helped the stock recover. SoftBank Group sold part of its stake in T-Mobile US Inc. last month, and an online home-insurance provider that it’s backing more than doubled on its U.S. debut earlier in July.While Son’s strategies are common among the wealthy, market volatility earlier this year showed that personal stock pledges, coupled with a heavy debt load, can bring risks. The pandemic-induced turmoil that sank equities resulted in some margin calls. Some individuals had to stump up collateral to avoid defaulting, and others had to liquidate at depressed prices. Chinese mogul Lu Zhengyao and Markus Braun of German fintech company Wirecard AG offer extreme examples of the risks of pledging shares.Even stock lending worries some. Japan’s largest pension fund said in December it would stop the practice because it creates a vacuum in ownership when equities change hands.SoftBank Group’s buoyant share price means such risks are remote for now. Son’s pledged stock is valued at almost triple the loan amount he said in a May earnings presentation he has received, according to calculations by Bloomberg.SoftBank Group declined to comment on Son’s personal finances.(Updates stock move and market cap in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Wirecard AG (WCAGY, WRCDF) Investors
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Wirecard AG ("Wirecard," the "Group," or the "Company") (OTC: WCAGY, WRCDF) securities between August 17, 2015 and June 24, 2020, inclusive (the "Class Period"). Wirecard investors have until September 8, 2020 to file a lead plaintiff motion.
INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Wirecard AG (WCAGY, WRCDF) Investors
German state prosecutors are investigating Wirecard <WDIG.DE> for suspected money laundering, a spokeswoman for the Munich prosecutor's office said on Thursday. "We are investigating suspected money laundering," the spokeswoman told Reuters, saying the inquiry was directed at individuals from Wirecard. Wirecard declined to comment.
German state prosecutors are investigating individuals at Wirecard <WDIG.DE> for suspected money laundering, they said on Thursday, adding to probes into alleged fraud, balance falsification and market manipulation at the collapsed firm. The Irish Times also said the company's offices in Dublin had been raided by police at the request of German authorities. Wirecard filed for insolvency last month owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.1 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.
On the night of June 18, Wirecard AG’s new compliance chief stayed up late at his office in the company’s low-rise headquarters in the Munich suburb of Aschheim to pore over the payment firm’s books. It was James Freis’ first formal day on the job after his start date had suddenly been accelerated by the refusal that morning of Wirecard’s auditors to sign off on the 2019 accounts and the company’s suspension of its chief operating officer. As Freis, a former financial investigator at the U.S. Treasury, scanned the books he was struck by Wirecard’s unusual practice of relying on a third party to hold large sums of money in escrow on behalf of its subsidiaries that are present in countries where it doesn't have its own operating licenses, according to a person with knowledge of the matter.
The Manhattan U.S. Attorney's office and the New York field office of the Federal Bureau of Investigation are examining whether Wirecard played a role in the alleged conspiracy by serving as both a payment processor and an offshore merchant bank, the Journal said, citing people familiar with the matter. The authorities are also considering the possible role of several former or current top Wirecard executives, according to the WSJ.
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of investors that purchased Wirecard AG (Other OTC: WCAGY, WRCDF) securities between August 17, 2015 and June 24, 2020 (the "Class Period"). Investors have until September 8, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Wirecard AG (WCAGY, WRCDF) on Behalf of Investors
The Law Offices of Frank R. Cruz announces an investigation on behalf of Wirecard AG ("Wirecard," the "Group," or the "Company") (OTC: WCAGY, WRCDF) investors concerning the Company and its officers’ possible violations of federal securities laws.
(Bloomberg) -- Wirecard AG convertible bonds are being sold at a fraction of their original value, unwinding a deal at the heart of the collapsed German payment processor’s brief alliance with SoftBank Group Corp.The securities will be offloaded at 12% of their notional worth after an auction that took place Wednesday, according to a notice sent to bidders seen by Bloomberg. Credit Suisse Group AG, the bank handling the sale, received bids exceeding the 900 million euros ($1 billion) of notes on offer, the document shows.The convertible bonds were collateral for complex securities that helped SoftBank offload risk on its Wirecard investment last year. That deal is now being unwound after the company’s collapse triggered a liquidation of the notes’ underlying collateral.Successful bidders will now be notified of their allocations, according to Wednesday’s notice.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Wirecard AG (WCAGY, WRCDF) on Behalf of Investors
SHAREHOLDER ACTION REMINDER: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Wirecard AG.
SHAREHOLDER ACTION ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Wirecard AG.
Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Wirecard AG (OTC: WCAGY, WRCDF) between August 17, 2015 and June 24, 2020, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Wirecard investors under the federal securities laws.
The administrator of collapsed German payments firm Wirecard said on Tuesday that more than 100 investors have expressed interest in buying the company's core business and its holdings. "The aim is to find timely investor solutions in the interest of creditors, employees and customers," Michael Jaffe said in a statement after a meeting of creditors. Jaffe added that the sale of Wirecard North America's assets was most advanced, with investment bank Moelis & Company already mandated to support such a sale.
(Bloomberg) -- Wirecard AG’s collapse displayed a growing blind spot for the guardians of the world’s financial system: how do you regulate a firm that acts like bank, but isn’t really a bank?For years, Germany’s supposed fintech star escaped strict scrutiny because financial watchdog BaFin was focused on its banking unit rather than Wirecard as a whole. With the scandal undermining Germany’s reputation as a place to do business, the government is overhauling who regulates who, but it could also spark a regulatory rethink with consequences for the broader fintech industry.As banks retrenched after the 2008 financial crisis and spent billions on settling the resulting litigation, rather than new technology, other companies stepped in. Wirecard and competitors like Adyen NV process payments far quicker than traditional banks while also offering clients services to manage their risk and learn more about their own customers. Technology giants like Amazon.com Inc. and Google parent Alphabet Inc. are also increasingly offering financial services.Swathes of the fintech sector are currently unsupervised, particularly in the area of cryptocurrencies. Around 31% of fintech firms in Europe are not subject to any regulation, according to the European Banking Authority.“We need regulation that addresses banks and non-banks on a level playing field,” says Benoit Coeure, head of innovation at the Bank for International Settlements, better known as the central bank for central banks. Fintech companies play an important role in wider financial markets and not just in payments, he said in an interview with Bloomberg TV’s Nejra Cehic on Friday.At issue is whether fintechs and other digital payments firms should be subject to the same type of strict regulation as the banks and financial companies they are trying to disrupt. There are already some regulatory overlaps in many cases but some experts say more gaps need to be covered to ensure the digital companies are supervised as financial firms.In Europe, a company crosses the line into finance and all the regulatory scrutiny that entails when more than 50% of its business is associated with financial activities like lending and taking deposits, according to the EBA. Banks have faced tougher reporting and compliance obligations since the financial crisis.Wirecard wasn’t classified as a finance company in previous assessments by BaFin and other institutions. While its German bank and its U.K. unit were supervised by local regulators, oversight of the group company was essentially limited to whether it met the disclosure obligations of a German listed company, watched over by BaFin.BaFin President Felix Hufeld has described the collapse of Wirecard as a “massive fraud.” But for some, the debate about changing or increasing regulation is a distraction from the failure by authorities like BaFin to enforce existing rules.A Wirecard spokeswoman declined to comment on Hufeld’s characterization.“The real issue is that BaFin didn’t use the powers they had already,” said Sven Giegold, a member of the European Parliament for the Green party. “This is negligence by the supervisor, so this doesn’t need a new approach to financial regulation of fintechs.”While classifying Wirecard as a financial company would have given BaFin more access, the regulator was already able to pursue red flags at Wirecard. BaFin received documents alleging irregularities at the company in January 2019 and asked Germany’s accounting watchdog to look into it. Yet that group failed to deliver a report before Wirecard itself disclosed the 1.9 billion euros of missing cash in June this year. BaFin has also been faulted for moving too slowly.Hufeld has acknowledged that BaFin is among institutions that fell short in the supervision of Wirecard and has pledged to review any failings. Germany’s Justice Ministry canceled its contract with the accounting enforcement watchdog, known as FREP, while the Finance Ministry has said investigative powers should be handed to BaFin.To get a license to process payments, companies like Wirecard need to provide documentation on governance to national regulators and are required to keep their customer funds separate from their own revenues. Management also need to be screened by regulators and the banking arms need to maintain a certain level of financial strength.“The regulatory framework that’s there is fit for purpose,” said John Ahern, a partner at law firm Covington & Burling, who advises clients on financial regulation. “The question is whether the supervision of regulated entities is sufficiently effective.”Hufeld said he has been pressing the issue of oversight over technology companies for two years, but that ultimately it’s a political decision. Germany took over the rotating presidency of the European Union this month, meaning it could press for changes, although it may be more focused on the response to the coronavirus pandemic.Wirecard exposed a failure in oversight both by accountants and regulators, but Europe’s regulatory structure also contains gaps which will be more in focus as electronic payments grow, says Huw van Steenis, senior adviser to the CEO at UBS Group AG.“Europe has been so keen to drive open the payments market to break the banks’ monopoly that the regulatory change has meant that payments firms fall between the cracks,” he said in a Bloomberg TV interview. “Addressing this payments regulatory gap is going to be ever more important in the post-pandemic economy.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard <WDIG.DE>, widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company. The Munich prosecutor's office said in a statement it had questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant. The executive had travelled from Dubai and turned himself in, prosecutors said, without naming him.
German finance minister Olaf Scholz said on Sunday he planned to give the Germany's financial markets watchdog more power in response to a corporate fraud scandal at payments company Wirecard that had escaped the scrutiny of auditors. Wirecard last week filed for insolvency owing creditors almost $4 billion after disclosing a 1.9 billion euros ($2.14 billion) hole in its accounts that auditor EY said was the result of a sophisticated global fraud. "I want to give BaFin more control rights over financial reports, regardless of whether or not a company has a banking section," he said in an interview with Sunday paper Frankfurter Allgemeine Sonntagszeitung (FAS).
Immigration records showing Wirecard's former chief operating officer Jan Marsalek arrived in the Philippines on June 23 and departed for China the next day were falsified, Philippines Justice Secretary Menardo Guevarra said on Saturday. Guevarra said the immigration officers who inputted the fictitious entries have been relieved of their duties and face administrative sanctions. "The investigation has now turned to persons who made the false entries in the database, their motives and their cohorts," Guevarra told reporters.
Deutsche Bank is on the lookout for expansion opportunities in the area of payments systems, the lender's strategy director said in response to a question about the lender's interest in Wirecard's assets. "We are one of the largest banks in payment transactions worldwide ... So if there are opportunities here to strengthen ourselves, we will look into them," Deutsche's Fabrizio Campelli told Handelsblatt newspaper in an interview published on Friday.
(Bloomberg) -- A pair of Indian lawsuits allege Wirecard AG’s former Chief Operating Officer played a central role in deals that were later mired in disputes over valuations and unpaid fees.In one of the civil cases, the previous owners of Indian payments company Hermes I-Tickets Private Ltc., are suing former COO Jan Marsalek alongside Wirecard over allegations it made false claims about how much it paid to them at the time. The suit alleges Marsalek took part in negotiations leading to the acquisition of Hermes by a Mauritius-based private equity fund called Emerging Market Investment Fund in 2015.The second case, for unpaid consultancy fees, is against the Mauritian fund EMIF, which acquired a majority stake in Indian travel firm Goomo Orbit and alleges Marsalek played a central role in negotiating that deal.A lawyer for Marsalek based in Munich declined to comment on the cases or discuss his client. A Wirecard spokesperson declined to comment. Meanwhile Marsalek’s whereabouts are unknown. Authorities in the Philippines say he may have passed through the country before boarding a flight to China on June 24. However, they are also investigating whether immigration documents showing he entered the Philippines were fake, Dow Jones reported on Friday.Wirecard was tipped into a full-blown accounting scandal and filed for insolvency with a German court after disclosing last month that 1.9 billion euros ($2.1 billion) were missing from its balance sheet.The lawsuits offer a glimpse into the complexity of the task facing investigators trying to decipher the finances of a company with divisions and interests across the globe, and establish what role senior management figures played in the events leading up to Wirecard’s insolvency. Wirecard is also under scrutiny by authorities in jurisdictions including Singapore, Germany and the U.K. Meanwhile, Mauritius authorities have started investigating a possible round-tripping case linked to Wirecard, according to a statement by regulators on Wednesday.Read more: Wirecard’s Wild Week Finally Ends in Insolvency FilingThe civil cases describe Marsalek as linked to EMIF and allege that the executive was directly involved in negotiations ahead of transactions that have since been questioned by analysts over their opacity and discrepancy of valuations.Marsalek, was fired in June after Wirecard disclosed about four fifths of its net cash was missing from its balance sheet. There’s no suggestion of any personal responsibility for the shortfall on Marsalek’s part.Deal MeetingsEMIF bought Indian travel firm Goomo Orbit in 2015 and its founder Rupen Vikamsey is suing the fund for an advisory fee he says he’s owed for his work after the deal. Marsalek was involved in negotiations between Orbit and EMIF, the lawsuit alleges.Wirecard has previously said it had no involvement in EMIF until it later bought assets from the fund. Wirecard has never had any direct or indirect relationship with the fund other than negotiating the deal to acquire assets from EMIF, the company said in response to questions raised by online portal the Foundation for Financial Journalism about the Hermes deal.Vikamsey filed a mediation application in Mumbai in March - a step required in commercial cases before they can be seen by a court - reiterating the claim that he’s owed advisory fees from the EMIF deal.“I always felt like I was negotiating with Wirecard,” Vikamsey said in a phone interview with Bloomberg News.The suit -- which is pending before a High Court in Mumbai -- alleges that Vikamsey and his partner Balasundaram Kumar were not compensated by EMIF for an “advisory services fee” which made the deal financially lucrative and was ultimately the determining factor for them to sell most of Goomo Orbit to the fund.Since Marsalek’s exit from Wirecard, Vikamsey filed an additional document to the court stating that EMIF was acting as an intermediary for Wirecard to acquire Indian companies. Vikamsey and his partner are not suing Wirecard.That case follows the suit filed last year in Chennai, India against Wirecard, Marsalek, EMIF and three other defendants that’s centered on a dispute over how much Wirecard paid for Hermes I-Tickets Private Ltd. in a 2015 deal.Wirecard said in public disclosures it paid more than $300 million for Hermes and invested in a smaller unit. The case was brought by Hermes’s former owners at GI Retail who allege they sold the company for a fraction of the price to EMIF weeks before the Wirecard deal.The Chennai case alleges Marsalek took part in exchanges that initiated the sale of Hermes to EMIF.GI Retail’s owners, brothers Ramu and Palaniyapan Ramasamy, were themselves sued in London over the deal by Hermes’s minority shareholders. They said they were compensated based on a purchase price of $40 million and should be paid using the higher valuation. Judges are currently debating whether the case should be heard in Chennai.Read More: Wirecard Faces Questions in Indian Suit Over Unit PurchaseMarsalek, meanwhile, remains out of sight. Philippines Justice Secretary Menardo Guevarra told Bloomberg News he may have passed through the country last week and government immigration databases show he arrived in Manila on June 23 before departing for China the next day. A Dow Jones report on Friday said Philippine authorities are investigating whether the records were faked, citing comments from a spokesman and undersecretary for the Philippines Department of Justice.(Updates to add Dow Jones report on Philippines probe into immigration records in fourth and final paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.