Beleaguered German fintech Wirecard continues to struggle with allegations of accounting impropriety; auditors have been unable to find 1.9 billion euros in cash and there was evidence that “spurious balance confirmations” had been provided; shares in the publicly traded payments company plunged 66% on the Frankfurt Stock Exchange today; they have delayed their annual report for the fourth time; at one time the company was valued at €24.6 billion but is now worth around €6.7 billion; according to a Wirecard statement, “EY told Wirecard that their results will require additional audits after two unnamed Asian banks that have been managing the company’s escrow were unable to find accounts with about 1.9 billion euros in funds”. Fortune
