A fascinating look from the FT on how the payments group became one of the hottest stocks in Europe while battling persistent allegations of fraud. They follow it from its founding in 1999 in the Munich suburbs through its first accusations of balance sheet irregularities in 2008 and on to its ultimate demise this week.
2008 The head of a German shareholder association publishes an attack on Wirecard, suggesting balance sheet irregularities. EY is appointed to conduct a special audit, and the following year replaces the small Munich firm that had previously acted as group auditor. The German authorities eventually prosecute two men in connection with the attack, who had not disclosed positions in Wirecard stock.