Wirecard, the troubled German company that became embroiled in a scandal over a missing $2.1 billion, said on Thursday that it would file for insolvency. Shares of Wirecard have fallen 90 percent over the last week after the company’s auditor, EY, refused to sign off on its annual report. That prompted Markus Braun, Wirecard’s longtime chief executive, to step down last Friday. He was then arrested this week by Munich authorities on suspicion of market manipulation. After his arrest, Mr. Braun was released on bail of 5 million euros, or about $5.6 million.

Source: New York Times June 25, 2020 10:40 UTC