Hess AG: From IPO to insolvency in less than half a year

Hess AG is a German based enterprise with 360 employees producing lights and lanterns.
They IPOed on the 25th of October and quite high priced, starting at 15 EUR/share.

The graphic shows the development.

On January the 21 Hess AG announced the sacking of key personal ( among them the CFO) and suspected manipulations.

On valueandopportunity the consolidation of cash flows doesn t work out, it seems that revenues have been booked against receivables.
By what it seems, the fraud might had been discovered quite easy.
Interesting for me was that numerical information that is underlying the prospectus is based on is not double checked.
Yesterday on the 13th of February the filed for insolvency for the mother company as well as one subsidiary.
The company states that its is deeply indebted and lacking perspectives for the future.

This is an incredible story i would have expected in China (no offense) or other less developed financial markets; yet this thinking now seems like arrogance to me.
No thinking about it, everybody profited well from this scheme, until it blew. The banks receiving underwriting fees, the key employees bonuses. The auditors (here DHMP according to this news) might have to justify themselves, but against such foul-play they are helpless (of course...). Regulatory bodies are knee deep in work anyway.

Now the company is insolvent and possible claims from law suits can most likely not be covered.