January 23, 2018 / 5:27 PM / 3 years ago

German prosecutors extend Wirecard investigation

BERLIN, Jan 23 (Reuters) - Munich prosecutors are extending an investigation into suspected market manipulation after a report criticised an acquisition by German payment processor Wirecard, sending its shares tumbling on Tuesday.

A spokeswoman for the prosecutor's office said a new phase of the investigation was being opened over the report by the Southern Investigative Reporting Foundation (SIRF), which was critical of Wirecard's acquisition of the Indian payments business GI Retail Group in 2015. (bit.ly/2BmCGTX)

Wirecard rejected the report but its shares still closed 3.7 percent down on Tuesday, having dropped as much as 8 percent.

The initial Munich investigation was launched in 2016 after the stock took a battering from short-sellers when previously unknown Zatarra Research accused the company of misleading accounting and fraud, charges Wirecard has strongly denied. (Reporting by Joern Poltz; Writing by Emma Thomasson; Editing by David Goodman)

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