Wirecard shares fall 65% as firm files for insolvency
Wirecard AG said Thursday that its management board decided to file an application to open of insolvency proceedings.
The German digital-payment services company said the filing is with the district court of Munich due to impending insolvency and overindebtedness.The announcement comes days after Wirecard's former chief executive Markus Braun was arrested after the company revealed a $2 billion hole in its books.
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