days after its chief executive Markus Braun stepped down and was arrested on suspicion of market manipulation and false accounting practises.
Wirecard's shares are down 75% at 2.86 euros as of 7.00 a.m. ET, according to Markets Insider data. The massive drop in the company's stock came almost immediately after trading resumed following a pause prior to the announcement of insolvency proceedings. Thursday that it had filed an application to open insolvency proceedings in the Munich district court "due to impending insolvency and over-indebtedness.
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