Hedge funds are circling Wirecard AG, the troubled German electronic payment processing company, which saw its share price plummet further on Friday morning (19June) following revelations of alleged accounting imbalances.
The Munich-headquartered company revealed this week that some EUR1.9 billion worth of reported cash balances an estimated quarter of its total balance sheet could not be verified by auditor EY.
Shares in the DAX 30-listed firm crashed following the statement, sliding from EUR100.40 on Thursday to under EUR20 at one point on Friday morning.
Wirecard is now a key a target of several short-sellers, with well-known hedge funds including Marshall Wace, TCI Fund Management, Argonaut Capital, Greenvale Capital and Slate P…
Read the full article at: http://www.hedgeweek.com/2020/06/19/286717/hedge-fund-short-sellers-seize-wirecard-woes-e-payment-firms-shares-collapse-amid
