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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...

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