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June 19, 2020 02:09 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/UmyQiU3Hfqc/wirecard-ceo-markus-braun-resigns-as-accounting-scandal-batters-shares
Wirecard CEO Markus Braun Resigns as Accounting Scandal Batters Shares
Wirecard CEO Markus Braun has stepped down amid a deepening accounting scandal that has rocked the company's share price. From a report: The German payments firm said in a brief statement Friday that Braun had resigned "with immediate effect" and that James Freis would take his place as interim CEO. It comes just one day after Wirecard admitted that auditors at EY couldn't find 1.9 billion euros ($2.1 billion) of cash on its balance sheet. The firm was forced to postpone its 2019 annual report -- the fourth time it has done so this year. It also warned on Thursday that, if it did not provide consolidated financials by Friday, approximately 2 billion in loans could be called in. There are fears the company could go insolvent by the weekend. Shares of the firm have collapsed in recent days. On Thursday, Wirecard stock plummeted more than 60%, while on Friday they fell as much as 45%. Wirecard shares pared some of their losses shortly after Braun's resignation was confirmed, but remained over 34% lower for the session.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/UmyQiU3Hfqc/wirecard-ceo-markus-braun-resigns-as-accounting-scandal-batters-shares
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