Wirecard drops on ‘accounting misdeeds’ report

Bloomberg

Wirecard AG fell the most since February in Frankfurt after a news report said it found repeated questionable accounting practices at the German payments firm.
Wirecard fell as much as 23% in early trading after the Financial Times said it’s published internal company documents and correspondence that “appear to indicate a concerted effort to fraudulently inflate sales and profits” at businesses in Ireland.
“This is total nonsense,” Iris Stoeckl, a spokeswoman for Wirecard, said. “All our numbers have been audited.” In a further emailed statement, a spokesperson from Wirecard said the company “categorically rejects these allegations of impropriety”. Wirecard has been trying to move on from a series of Financial Times reports on suspicions of fraud at some units in Asia that caused the firm’s shares to whipsaw early this year.