Financial Accounting News

Wirecard Buyback Can’t Stop Stock Drop Amid Accounting Concerns

Oct. 18, 2019, 4:10 PM

Wirecard AG fell 6.3% in Frankfurt trading even as it announced a share buyback program of as much as 200 million euros ($223 million), indicating investors remain concerned over allegations surrounding the payment firm’s accounting practices.

Wirecard will start the buyback in the next few days and will carry it out over a 12-month period, the company said Oct. 18. Wirecard fell to 111.65 euros at the close, bringing the stock’s decline to about 20% this week following a Financial Times report that detailed what it called “suspect accounting practices.” Wirecard has denied the allegations.

The company has been trying...

To read the full article log in. To learn more about a subscription click here.