Saturday , February 27 2021

Bafin verifies possible market manipulation after accident

Dcrash of the payment processor action Wirecard on Wednesday calls the financial supervision Bafin in the plan. The authority examines whether this could have been a possible manipulation of the market, a Bafin spokeswoman said. The stock price plummeted 24.7 percent to € 126 on Wednesday after the Financial Times disclosed the potential crimes of a Wirecard manager in Singapore. In the end, the price fell about 13%.

Wirecard rejected the report as "false, inaccurate, misleading and defamatory." It does not have all the substances. The company in Aschheim, near Munich, has repeatedly been the target of allegations of fraud in recent years, but these have always failed.

On Thursday, the Wirecard recovered some of the losses from the previous day. Meanwhile, the price rose by up to 5.2% to € 152.70, but then fell again, so that currently only a slight increase can be recorded.

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Hauck & Aufhauser analysts wrote that it was "highly unlikely" that Wirecard management would tolerate the practices described in the article. "It is also important that Wirecard has been repeatedly affected by short sale attacks in recent years and has created transparency in such claims, for example by opening the books to outside auditors," analysts said. Wirecard has implemented rigorous risk management and investors should focus on sound fundamentals.

Commerzbank specialist Heike Pauls spoke in his current comment on "another false news" by a journalist, who attacks the group, so to speak, "in series." She also pointed to the increase "as usual" in the short sale rate. Ultimately, the expert remains calm and sees the setback as a buying opportunity.

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