WCAGY - Wirecard - Shareholders Will Likely End Up Holding The Bag
Note:
The main focus of this article is discussing the impact of recent events on the company's stakeholders. Investors looking for more color should consider reading fellow contributor Stefan Redlich's coverage of Wirecard.
Last Thursday, controversial German digital payments provider Wirecard AG (WCAGY, WRCDF) dropped the bomb. Instead of finally releasing its eagerly awaited FY2019 audited financial statements, the company revealed that (emphasis added by author)
Wirecard AG's auditor Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Munich, informed Wirecard AG that no sufficient audit evidence could be obtained so far of cash balances on