Worldline Shares Tumble on Customer Fraud Cover-Up Reports (4)

Worldline SA shares cratered on Wednesday, wiping out around €500 million ($580 million) of market value on reports that the company allegedly covered up fraud by some of its customers.

Shares in the firm, which describes itself as the largest European payment processer, closed down 38%, having been halted multiple times. That followed the publication of a series of articles co-ordinated by the European journalism network EIC, which claimed the firm had ignored warnings and continued to do business with prohibited and other high-risk customers in recent years, effectively enabling some fraudulent transactions to continue.

The accusations upend the ...