FRANKFURT - German prosecutors have dropped an investigation of former Deutsche Bank supervisory board member Alexander Schuetz for alleged insider trading of Wirecard shares, a Stuttgart state prosecutor said on Monday.

Germany's securities regulator BaFin filed a criminal complaint against Schuetz in April.

Stuttgart prosecutors, which had been handling the complaint, found no initial grounds for suspicion in the case and will not pursue the issue further, the Stuttgart prosecutor said.

A spokesperson for Schuetz declined to comment.

  - Reuters