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6/22, 7:20 AM (Source: TeleTrader)
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WireCard-0.25%

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Chart for: WIRECARD AG

Wirecard withdraws 2019, Q1 2020 results amid scandal

German financial services provider Wirecard AG announced on Monday that it is withdrawing its 2019 financial results as well as its first-quarter 2020 earnings report released in May.

Wirecard's Chief Executive Officer Markus Braun resigned last week amid the scandal involving the missing €1.9 billion identified during an audit by Ernst & Young. Now, the company says that the amount of €1.9 billion "likely does not exist."

"The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," the company said in a statement.

Shares of Wirecard plunged 35.29% at the end of trading in Frankfurt on Friday.

Breaking the News / JC