If you happen to be looking for the worst possible to react to an activist hedge fund manager on a hot streak who’s already formally asked for your entire company to be put in jail and demonstrated enormous patience for inscrutable legal proceedings over a charitable rounding error on your annual earnings, you could certainly do worse than Wirecard has.
German payments firm Wirecard postponed the publication of final 2019 results for a third time late on Monday, citing delays in finalising audit procedures…. Originally, Wirecard had planned to publish on April 8, but it repeatedly postponed that as investigations into alleged accounting irregularities, which the company has denied, dragged on….
In a bid to assuage investors, Wirecard had hired KPMG to conduct an independent audit but the accounting firm said it had insufficient information to disprove the allegations
Wirecard again postpones 2019 results publication [Reuters]
Investor TCI Files Criminal Complaint Against Wirecard Managers [Reuters via NYT]