Wirecard AG (OTCMKTS:WCAGY) stock is seeing an unusual burst higher on Tuesday despite a lack of news concerning the company.
Wirecard AG is soaring higher today alongside heavy trading of its stock. This has some 928,000 shares changing hands as of this writing. That’s quite the spike compared to its daily average trading roughly 145,000 shares.
It’s unclear what exactly has WCAGY stock soaring today, but let’s take a brief look at Wirecard AG and what investors should know about it.
- To start with, Wirecard AG is a dishonored financial tech company based out of Germany.
- The company was caught up in a fraud case last year that saw several of its top executives facing criminal charges.
- That includes alleged money laundering and falsifying records.
- Executives affected included its CEO, COO, and two members of its Board of Directors.
- To go along with this, the company announced that 1.9 billion euros were missing and that it was in 3.2 billion euros in debt.
- After all of this, the company ended it being sold off in parts.
- The main part of the company’s business was bought by Santander Bank, a subsidiary of Santander Group (NYSE:SAN).
- The implications of the company’s activities are far-reaching with several people in positions of power in Germany still facing allegations.
- It’s also worth noting that Wirecard AG’s scandal is being turned into a documentary, assuring that it will be some time before it has a chance to regain its reputation.
WCAGY stock was up 147% as of noon Tuesday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.