2/8/2019, 12:41 PM (Source: TeleTrader)
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Chart for: WIRECARD AG

Wirecard to sue FT for 'defamatory' reports

Financial services provider Wirecard AG announced on Friday it will take legal actions against the Financial Times for "unethical reporting." In a written statement, the company's vice president for corporate communications and investor relations Iris Stockl noted that confidential leaked documents have been used for "defamatory" media coverage that the internal and external investigation into alleged misconduct, both of which failed to prove any criminal proceedings in Wirecard.

FT published three articles on the fintech firm, alleging their senior executive Edo Kurniawan developed a plan to fraudulently create higher figures in order to convince financial regulators at Hong Kong to issue a license to Wirecard.

Due to the FT's developing story, Wirecard stock price plummeted, losing 32% in value. The company's shares jumped approximately 3% after Wirecard's public statement.

Breaking the News / MA