Wirecard Shares Plunge 60% As Auditors ‘Unable To Verify’ $2 Billion In Cash On Its Books
As we’ve previously noted, German regulators have bent over backwards to accommodate Wirecard, even going so far as to discourage short sellers from targeting the stock, and launching an investigation into an FT reporter who published the first allegations about fraud within the fast-growing digital payments company.
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Comment: Insiders always have deep broad advance knowledge. Wirecard appears to have some combination of internal issues AND be under attack. The plunging prices are covering the shorts. NSA has all the data but is not doing “trade intelligence” or white collar crime counterintelligence.
Wirecard sues Financial Times over investigative reports
Straits Times (Singapore), 29 March 2019
Wirecard has filed a suit at the Munich regional court against both the FT and its reporter, Dan McCrum, seeking a ruling on the merits of its case. If successful, the company would then press for monetary redress.
Comment: Use the tag cloud to find other articles about Dan McCrum, suspected to be in collusion with naked short sellers.
Wirecard: what KPMG’s report found
The payments group had predicted vindication from a special audit — it did not arrive
Dan McCrum and Olaf Storbeck
Financial Times, 29 April 2020
For months Wirecard had confidently predicted that KPMG would vindicate its accounting and deliver a final riposte to its sceptics. Instead, the publication on Tuesday of a report from the accounting firm caused shares in the Dax 30 company to crash 26 per cent as investors learnt that KPMG’s investigators had faced obstacles in their attempts to verify that large parts of the business were real, and publication of full-year results would be delayed again. The shares fell another 7 per cent on Wednesday.
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Wirecard critics targeted in London spy operation
The Union Journal, 11 December 2019
Two specialist traders, Matt Earl and Fraser Perring, co-authored the Zatarra report and therefore are one of the eight guys surveilled over recent weeks, combined with Mr [Crispin] Odey, Brett Palos, the stepson of merchant Philip Green, along with Nick Gold, a veteran stock exchange speculator.
Wirecard executives seem to have guessed a mole was working at a senior level within the firm after Mr Earl and Mr Perring released their Zatarra Report at 2016, prompting a criminal investigation from Germany into alleged market manipulation.
Wirecard’s suspect accounting practices revealed
Financial Times, 15 October 2019
FT Investigation: internal documents from the payments company point to a concerted effort to fraudulently inflate sales and profits
Comment: Dan McCrum is strongly suspected of being a shill for naked short sellers, and appears to be one of several journalists — others work for the Wall Street Journal — who routinely bash companies to further illegal naked short selling campaign. He should be deeply investigated.
FT calls in law firm to review its reporting on Wirecard of alleged accounting fraud at Singapore office
Straits Times (Singapore), 24 July 2019
Editor Lionel Barber called in London-based law firm RPC after the Handelsblatt daily reported at the weekend that Wirecard had given evidence to German prosecutors alleging collusion between short sellers and employees of the Financial Times.
Comment: Use the tag cloud to see other stories featuring Dan McCrum, the journalists alleged to be in collusion with naked short sellers.
FT calls in law firm to review reporting on Wirecard
Reuters, 23 July 2019
FRANKFURT (Reuters) – The Financial Times has hired a law firm to review its investigations into German payments company Wirecard (WDIG.DE), which has sued the newspaper over a series of reports alleging accounting irregularities.
The FT’s reporting, citing a whistleblower’s claims of fraud and creative accounting at Wirecard’s Singapore office, wiped up to $10 billion off Wirecard’s market value and triggered a police investigation in the Asian state.
Wirecard denies the allegations and has filed a suit at the Munich regional court against both the FT and its lead reporter on the stories, Dan McCrum, seeking a ruling on the merits of its case. If successful, the company would then press for financial redress.
Fraud allegations put Wirecard’s shy billionaire CEO Markus Braun in the spotlight
Straits Times (Singapore), 7 February 2019
The 49-year-old Austrian computer scientist has spent more than a decade fighting off critics whose whispering campaign burst into the headlines again last week. A Financial Times report of suspect transactions in Asia sent the company’s shares plummeting.
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Comment: WireCard appears to be under attack by naked short sellers aided by corrupt journalists who, if properly iinvestigated, would in all likehood be found to have received substantial financial incentives for trashing the company. Dan McCrum at Financial Times is the “journalist” under investigation by German authorities. The bad guys most times have a [hired] whistleblower that alerts police and regulatory authorities. Once they have information sometimes legit, other times not or the naked short sellers then blow the investigation all out of proportion. They set outto destroy the stock price with their band of criminal syndicates which includes the banks. They are often joined by law firms that maliciously file shareholder class lawsuit announcements to inspire fear in the marketplace — this is outright tortious interference and market manipulation.