By Olivia Bugault 



   Wirecard AG shares plummeted again Friday after the German digital-payment services company said it might be the victim of substantial fraud and a day after delaying the publication of its 2019 results for the fourth time. 


  At 0825 GMT, shares fell 40% after crashing more than 60% Thursday. 


  "At present, it cannot be ruled out that Wirecard has become the aggrieved party in a case of fraud of considerable proportions," Wirecard Chief Executive Markus Braun said in a video statement. 


  Wirecard postponed the publication of its 2019 results Thursday after auditor Ernst & Young said it couldn't locate 1.9 billion euros ($2.14 billion) of the company's cash. 


  "There are indications that spurious balance confirmations had been provided," Wirecard said Thursday. It also said it would file a complaint against "unknown persons." 


  Wirecard's share price reaction Thursday suggests the market is pricing in risk for customer churn and a possible restructuring, Jefferies said. Worldline's merger with Ingenico Group appears to have the most to gain from this situation, it added. 


  Citi rated the company its least-preferred stock in its fintech and payments coverage due to continuing uncertainties surrounding the situation, while Bryan Garnier decided to double downgrade Wirecard to sell from buy on the back of the risks the company is currently facing. 


  Wirecard late Thursday decided to suspend its Chief Operating Officer Jan Marsalek as management board member with immediate effect until June 30, on a revocable basis. 


  Write to Olivia Bugault at olivia.bugault@wsj.com