Wirecard Value Stock - Dividend - Research Selection
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Description of the company
Wirecard AG was a German company specialized in providing payment services and trading in electronic money. It was founded in 1999 and had its headquarters in Aschheim near Munich. In 2020, the company became embroiled in a scandal involving accounting irregularities and insolvency, which garnered worldwide attention.
Wirecard had previously established itself as an emerging fintech company and was popular with investors and customers alike due to its innovative technologies and business models. The company expanded rapidly and acquired numerous other companies in the industry to strengthen its presence in the global market.
In June 2020, it was revealed that around 1.9 billion euros were missing from the company's accounts. As a result, Wirecard's share price plummeted more than 60 percent in a single day. A cascade of revelations and scandals followed, leading to Wirecard filing for insolvency on June 25, 2020.
In the course of the investigations, it was revealed that the company had falsified its financial statements and pretended to generate revenue over the course of several years to gain the trust of investors and customers. The financial supervisory authority BaFin was strongly criticized for failing to pursue reports of irregularities and instead attacking critics and journalists.
The Wirecard case caused a sensation worldwide and led to a loss of trust in the German financial industry. The federal government subsequently announced a comprehensive reform of financial supervision to prevent similar scandals in the future.
The consequences for the affected investors, customers, and employees of Wirecard were enormous. Many investors lost their entire capital, customers had to switch to other payment service providers, and thousands of employees lost their jobs. The reputation of the German economy and financial industry was also severely damaged.
The investigation of the Wirecard scandal is likely to take a long time. It remains to be hoped that lessons will be learned from past mistakes and omissions and that future cases of financial fraud and accounting irregularities can be prevented.