German Watchdog Wants Probe Of Wirecard Short-Selling

Law360, London (April 17, 2019, 6:26 PM BST) -- Germany’s financial regulator confirmed Wednesday that it has asked prosecutors to investigate investors who made bets against payment company Wirecard for suspected market manipulation.

The Federal Financial Supervisory Authority, known as BaFin, filed a criminal complaint with the Munich Prosecutor’s Office “regarding potential market manipulation in the form of a 'short attack' in shares of Wirecard AG,” a spokesperson said Wednesday. The watchdog declined to provide further details on its complaint.

Wirecard’s shares plummeted by 40% after a series of a stories ran in the Financial Times beginning in January alleging that fraud and creative accounting had taken place at the...

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