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Wirecard Shares Turns into a Toxic Gambling Stock with Takeover Rumors

After falling to € 1.28 on Friday, the Wirecard share rears up again today and briefly made the jump above the € 4.00 mark but investors shouldn’t be happy too soon.

As is so often the case with insolvent and crisis-ridden companies, Wirecard investors also grab every straw that promises to be saved from the swamp. In the specific case, it is a message from Saturday, according to which the board believes that a continuation is in the best interest of the creditors.

In the letter, the company affirmed that the business operations of the group companies, including the licensed units, would continue. In addition, it is constantly checked whether bankruptcy applications for subsidiaries of the Wirecard Group have to be made.

Wirecard Bank not affected

Group companies, with the exception of a small development branch, have currently not filed for bankruptcy. Wirecard Bank is currently not part of the bankruptcy proceedings, and Wirecard Bank’s payment transactions are not affected.

Payments to Wirecard Bank merchants would continue to be carried out without restrictions within Germany.

Visa and Mastercard, the two major credit card providers, announced on Friday that they would review their cooperation with Wirecard.

“Which customer wants to get involved with such a company?

The message from the board was apparently balm for the souls of the battered investors and Wirecard share shot up to over € 4.00 in the morning after closing at € 1.28 on Friday. The price jump does nothing to change the fundamental problem of a gigantic balance sheet forgery with freely invented sales and profits in the billions. The share also remains miles behind its price of June 18 at a good 100 Euros.

Investors should not be too happy too soon. British hedge fund manager Christopher Hohn sees no future for Wirecard. “As it now turns out, a significant part of the assets were not real, which in turn raises doubts about the substance of historical profits,” said Hohn in an interview with the “Handelsblatt”.

Wirecard was unable to provide the auditor KPMG with a list of end customers in third-party acquiring business for the period 2016 to 2018.

“Which customer wants to get involved with such a company?” Hohn said.

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