HAGENS BERMAN, APPOINTED LEAD COUNSEL in Wirecard Securities Fraud Class Action, Notifies Wirecard ADS Investors (WCAGY; WRCDF) of Intent to File Amended Complaint Expanding Class Period to Recover Losses
San Francisco, California--(Newsfile Corp. - August 13, 2020) - Hagens Berman, who on May 6, 2019, was appointed Lead Counsel in the securities class action brought on behalf of investors in Wirecard American Depository Shares (ADS) before Hon. Fernando M. Olguin, DelPoggetto v. Wirecard AG et al., 2:19-cv-00986-FMO-SK (C.D. Cal.), notifies investors in Wirecard ADS purchased in the United States with tickers WCAGY or WRCDF, that it will be filing an amended complaint on Aug. 14, 2020, as directed by the court, to include additional disclosures related to the original and amended complaints. To determine their membership in the putative class, Hagens Berman urges Wirecard investors to submit their losses now.
The amended complaint will expand the alleged fraudulent period from 2015 to more recent events in 2020 and name the company's auditor, Ernst & Young, as an additional defendant. The amendments will include the recent events, including ex-Wirecard CEO Markus Braun's reported arrest and the widening criminal probes amid the disclosed $2.1 billion missing from the company's balance sheet. Lead counsel may add further parties and amendments.
Hagens Berman urges investors in Wirecard securities traded in the United States, and persons with knowledge of the alleged fraud or who could otherwise further assist with the investigation, to contact the firm now:
Lead Counsel's & Lead Plaintiff's Pending Wirecard (WCAGY; WRCDF) Securities Fraud Class Action:
The pending securities fraud case concerns Defendants' deliberate use of improper accounting designed to inflate sales and profits.
On May 6, 2019, the Court appointed an individual Wirecard investor Lead Plaintiff for the Class and Hagens Berman as Lead Counsel.
On Feb. 14, 2020, Lead Plaintiff filed a first amended class action complaint.
Since this time, revelations about the full extent of the alleged accounting fraud continued and became worse. Most recently, The Financial Times reported Munich prosecutors rearrested Braun on suspicions Wirecard's accounting fraud began in 2015 and potential damages to banks and investors could amount to the equivalent of approximately $3.7 billion.
The court has granted Lead Plaintiff leave to file an amended complaint on Aug. 14, 2020, which will expand the alleged fraudulent period to cover recent stock drops caused by the revelation of Wirecard's financial fraud, including the company's June disclosures, the recent arrest of former CEO Markus Braun and the apparent reckless audit failures of Ernst & Young (Germany).
"Wirecard's fraud is enormous and must have been assisted by others. We are focusing our investigation on who knew what and when, including their accountants," said Hagens Berman partner Reed Kathrein.
For more information about the case visit: https://www.hbsslaw.com/cases/WRCDF
# # #
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61688