Wirecard stock soars 185% in a dead cat bounce after its week from hell, but is still down 97% in 2020

Reuters

• Wirecard's stock exploded on Monday even after the company filed for insolvency last week.
• The move looks likely to be a dead cat bounce, the market phenomenon when a troubled stock briefly climbs after a major fall.
• Wirecard said on the weekend that it would continue business until and the decision of whether to open insolvency proceedings is still being reviewed.
• The company added an insolvency administrator would be appointed in due course.
• Wirecard's former chief executive Markus Braun resigned last week on suspicion of market manipulation and false accounting practises.
• The company had said a more than $2 billion gap in the company's balance sheet "likely never existed."
• UK's regulator, the Financial Conduct Authority ordered Wirecard's UK subsidiary to cease operations last Friday.
• Visit Business Insider's homepage for more stories.

Wirecard's stock exploded as much as 184% on Monday, rebounding from catastrophic lows last week after the German payments processor filed for insolvency, following days of dramatic events including the arrest of its former CEO Markus Braun.

Wirecard's share price is up 124% at 3.17 euros ($3.53) as of 7.00 a.m. ET. Earlier, shares traded up as much as 184% up to an intra-day high of 4 euros ($4.5). 

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