However, last week the company vowed to continue business operations despite the insolvency and stated that "numerous interested parties worldwide have already expressed their interest in acquiring business units." Its shares rallied to close at 5.73 euros per share last Tuesday after the release.
Short-selling involves borrowing a security and selling it on the open market in the hope of buying it back at a later stage for less, therefore profiting from the depreciation of the stock's value. Wirecard has been a target for short-sellers, with German regulator BaFin implementing a two-month ban on shorting the company's stock in 2019 citing a "threat to market confidence."
"For anybody that thought the Wirecard saga was over, it's clear that short sellers are not done yet," Ortex Co-Founder Peter Hillerberg noted.The former tech darling's business model involved managing cashless payments within a complex network of credit card companies, merchants and banks.
Insolvency? You make it sound like the company has had a tough break. THE CEO AND EXECUTIVE TEAM HAVE DEFRAUDED BILLIONS AND LIKELY PARTICIPATED IN MONEY LAUNDERING FOR MURDERERS AND DRUG CARTELS
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