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Wirecard shares crash again after payments firm says missing $2 billion likely doesn't exist
Wirecard shares are once again in free fall on Monday after the German payments firm said it was likely that 1.9 billion euros ($2.1 billion) of cash missing from its balance sheet doesn’t exist. The Munich-based company said it was assessing the “prevailing likelihood” that unaccounted cash balances flagged by auditors at EY last week “do not exist.” The lost funds represent roughly a quarter of Wirecard’s balance sheet. Shares of Wirecard crashed about 45% shortly after the opening bell. Its stock price was last trading down by 36%. The search for the missing cash appeared to hit a dead-end after two ... (full story)
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Beware of robber banks (RB), bad advisors.
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