German payments-company Wirecard is suing the Financial Times for its coverage

The German payments-company Wirecard is suing the Financial Times over its investigative reports into its business practice, according to Reuters.

The Financial Times' reporting has hit Wirecard's reputation hard, wiping billions off the fintech's market value. Wirecard has been the focus of a series of articles in the Financial Times, including by reporter Dan McCrum the journalist being sued, which the company alleges used and misrepresented business secrets,The company's shares have taken a pounding from the articles' allegations. Earlier this year they became worth about 4 billion euros more than Deutsche Bank, Germany's largest lender, according to Bloomberg data.

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