Wirecard was investigated, and as far as I remember the press coverage, there were irregularities, but no real fraud.

Why are HN commenters on the top of this submission somehow claim there's big misconduct, even some conspiracy?

As a German unicorn, Wirecard seems to be enjoying a certain national handicap which is absent from the British paper’s digging.

A Munich prosecutor threatened investigation into FT and Wirecard was happy to double up on threatening journalists, yet nothing seems to be actually happening. This strengthens the impression that Wirecard is locally protected.

Wirecard has pretty much zero mindshare in Germany. Almost nobody has ever heard of it, the only reason why a few people have heard of it is that they are one of the Apple Pay partners.

I really doubt there is much local protection. Wirecard is no VW.

German regulators are known to be on the stricter side compared to other EU countries and Banks/Financials aren't really popular in Germany anyway. So I doubt that this plays any role in the investigation.

But so far, the FT allegations didn't prove anything and coordinated short selling ahead of the release of the articles appears suspicious. On the other hand, the FT doesn't back down so there should be some merit to their stories.

Wirecard will present an external audit report these days about the allegations that Softbank will probably already have seen. The news about the investment probably indicates that the report isn't too bad for Wirecard.

So.... why is a German financial regulator probing a British newspaper? That seems extremely fishy, if FT was wrong then Wirecard should have brought a civil suit for defamation.

Potential market manipulation happened primarily on German stock exchanges, there's no reason anyone else but German regulators would investigate here. If you manipulate US stocks it's also the SEC that investigates, not the regulator in the home country of the trader (they might be involved though).

Because the alleged financial misconduct by the journalists affected a German company? Seems regular to me.