PHILADELPHIA, July 14, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of the American Depositary Receipts (“ADRs”) of Wirecard AG (“Wirecard” or the “Company”) (OTC: WCAGY and OTC: WRCDF)to determine whether the Company engaged in securities fraud or other unlawful business practices.
On July 7, 2020, a class action lawsuit was filed in United States District Court alleging that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Wirecard overstated its cash balances during the Class Period, falsely claiming €1.9 billion of cash in a trust account that was missing; (2) Wirecard overstated its financial results during the Class Period, including revenue and EBITDA; (3) Wirecard did not have adequate risk management or countermeasures; (4) Wildcard's external auditor failed to audit Wirecard in accordance with applicable auditing principles; and (5) 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.
Wirecard investors who purchased, or otherwise acquired, the Company’s American Depositary Receipts between August 17, 2015 and June 24, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $50,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, securities@kehoelawfirm.com, info@kehoelawfirm.com, to discuss the securities investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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