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IPFS News Link • Business/ Commerce

Wirecard Shares Plunge 60% As Auditors 'Unable To Verify' $2 Billion In Cash On Its Books

•, Tyler Durden

German payments company Wirecard delayed publication of its 2019 annual report, resulting in shares plunging by more than 50% and its bonds due in 2024 dropping 23 cents to around 58 cents on Thursday, as auditors failed to account for more than $2 billion cash balances that the company had previously reported, according to Reuters.

After having already delayed the report three times, Wirecard was set to finally release it on Thursday. However, in a not-entirely-unexpected admission, the company revealed that its auditor, Ernst & Young, was unable to verify €1.9 billion euros ($2.1 billion) in cash balances - or about a quarter of its balance sheet.