- The German payments startup
Wirecard said on Monday that about $2 billion in cash missing from its balance sheet likely did not exist. - Wirecard also withdrew its full-year 2019 and first-quarter 2020
results , and itsshares plunged as much as 46%. - CEO Markus Braun quit on Friday, capping a disastrous week for the firm.
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The German
Shares of the payments processor tumbled 46% in early trading and were down 37% as of 6:50 a.m. ET.
Wirecard CEO Markus Braun resigned on Friday after the company said auditors at EY discovered that the cash was missing from its balance sheet.
At first, the company said the money was held in two Philippine
In a statement on Monday, Wirecard's board said the "prevailing likelihood" was that the cash did not exist.
It said it was holding "constructive discussions" with lenders about credit lines and future transactions. The Munich-based company added that it was considering "cost reductions as well as restructuring, disposal or termination of business units and products segments."
The scandal-hit company also withdrew an assessment of its full-year 2019 and first-quarter 2020 results.
On Thursday, Wirecard said that if its financial results were not published by the next day, about €2 billion worth of loans to the company could be terminated.
Braun's abrupt resignation capped a torrid 48 hours for the company, during which its shares crashed 80%.