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What are the top 10 biggest business failures or scandals this year?

While I can’t provide a real-time list as it constantly changes, here are ten business failures or scandals that have occurred in recent years:

1. Wirecard:
Wirecard, a German financial services provider, collapsed in 2020 after uncovering a $2 billion accounting fraud scandal.

2. Hertz Global Holdings:
Car rental company Hertz filed for bankruptcy in May 2020 due to a significant drop in travel demand caused by the COVID-19 pandemic.

3. Quibi:
Launched with much fanfare in April 2020, Quibi, a short-form streaming service, shut down just six months later due to low subscriber numbers.

4. WeWork:
WeWork’s failed IPO attempt in 2019 exposed the company’s flawed business model and corporate governance issues, leading to significant losses and the removal of their CEO.

5. Luckin Coffee:
Luckin Coffee, an emerging Chinese coffee chain, was involved in a massive accounting scandal in 2020, leading to an investigation by Chinese regulators and the delisting of its stock from Nasdaq.

6. Boeing:
The Boeing 737 MAX crisis saw two fatal crashes in 2018 and 2019, resulting in the grounding of its aircraft worldwide, billions in losses, and a damaged reputation for the company.

7. Thomas Cook Group:
One of the world’s oldest travel companies, Thomas Cook, collapsed in 2019 after failing to secure a rescue deal, leaving thousands stranded and causing significant financial losses.

8. Theranos:
Theranos, a health technology company, went through a massive downfall in 2016 when its founder, Elizabeth Holmes, was charged with massive fraud, claiming their device could perform numerous medical tests with a single drop of blood.

9. Wells Fargo:
Wells Fargo faced a scandal in 2016 when it was revealed that the bank had opened millions of unauthorized customer accounts in an effort to meet aggressive sales targets.

10. Volkswagen Emissions Scandal:
In 2015, German automaker Volkswagen admitted to cheating on emissions tests by installing software that manipulated the results, resulting in billions of dollars in fines and lawsuits worldwide.

Please note that this list is not exhaustive, and there may be other major business failures or scandals that have occurred in recent years.

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