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NEW YORK, NY / ACCESSWIRE / August 25, 2020 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. There will be no obligation or cost to you.
Wirecard AG (OTC PINK:WRCDF)
If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/wirecard-ag-loss-submission-form-2?prid=8825&wire=1
Lead Plaintiff Deadline: September 8, 2020
Class Period: August 17, 2015 - June 24, 2020
Allegations against WRCDF include that: (1) Wirecard overstated its cash balances during the Class Period, falsely claiming €1.9 billion of cash in a trust account that was missing; (2) Wirecard overstated its financial results during the Class Period, including revenue and EBITDA; (3) Wirecard did not have adequate risk management or countermeasures; (4) the Company's external auditor failed to audit Wirecard in accordance with applicable auditing principles; and (5) as a result, Defendants' statements about Wirecard's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Velocity Financial, Inc. (NYSE:VEL)
If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/velocity-financial-inc-loss-submission-form?prid=8825&wire=1
Lead Plaintiff Deadline: September 28, 2020
This lawsuit is on behalf of investors who purchased VEL stocks pursuant and/or traceable to the Registration Statement and Prospectus, as amended, issued in connection with Velocity's January 2020 initial public offering.
According to the filed complaint, defendants failed to disclose that, at the time of Velocity's initial public offering (the "IPO"), the Company's non-performing loans had dramatically increased in size from the figures provided in the Registration Statement and Prospectus that Velocity had issued in connection with the IPO. Further, defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity's business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO. The failure to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Registration Statement and Prospectus regarding the quality of the Company's loan portfolio and underwriting practices materially misleading.