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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.

You can go long or short Wirecard using derivatives such as CFDs or spread bets with IG.

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.’

Interested in trading Wirecard or other German stocks? Open a live or demo account with IG

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.’

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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