Wirecard share price: where next after FT allegations?
The German payments company has hired KPMG to carry out an independent audit in response to allegations made by the Financial Times that it exaggerated its sales and profits.
Wirecard has hired KPMG to carry out an independent audit in response to allegations made by the Financial Times that the German payments company exaggerated its reported sales and profits.
A series of articles written by FT reporter Dan McCrum helped send Wirecard’s share price 20% lower last week, closing at €111 a share on Friday. However, the stock gained more than 7% on Monday, trading at €119 levels as of 14:25 GMT.
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Wirecard rejects FT allegations
Wirecard was quick to reject the allegations that its finance team inflated its reported sales and profits at its businesses in Dubai and Ireland.
‘This is an active strategic step. The allegations are old, we have investigated them and found them to be completely baseless,’ Wirecard CEO Markus Braun told Reuters.
‘The independent examination by KPMG should lay to rest any remaining speculation and give fresh confidence to the market. We intend to present the results as soon as possible.’
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KPMG audit will end ‘further speculation’, says Wirecard
The payments company has been pressured by investors to conduct an independent audit to quash the allegations and restore confidence in the German blue-chip which joined the DAX index last year.
‘We have complete confidence in the audit procedures performed to date and their results,’ Wirecard supervisory board chairman Wulf Matthias said in a statement.
‘We assume this renewed independent review will lead to a final end to all further speculation.’
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