Battered German fintech company Wirecard AG said it is filing for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didn’t exist. The move is the latest in a startlingly swift unwind for a company that until recently was a shining star in Europe’s tech scene. Wirecard would be the first insolvent company in the DAX 30, Germany’s premier stock-market index.

Source: Wall Street Journal June 25, 2020 08:55 UTC