Germany’s long, lonely campaign: Battling Wirecard’s short sellers

German authorities pressed on for four years investigating investors who bet against Wirecard AG's shares, even after a UK regulator concluded that their evidence against the short sellers was "not sufficient," according to documents and people familiar with the matter. With encouragement from Wirecard's lawyers and despite red flags about the company, financial markets watchdog Bafin and Bavarian state prosecutors in Munich moved swiftly against short sellers after a February 2016 research report alleged fraud and money-laundering at Wirecard, according to confidential documents related to the probe.