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WIRECARD-Scandal: What opportunities you now have as an investor
The Wirecard bubble has burst
On June 18, 2020, the Wirecard bubble burst. 1.9 billion euros, which were supposed to serve as collateral for Wirecard customers in escrow accounts, could not be found. It subsequently emerged that Wirecard had been manipulating its balance sheets for years and that this was a case of fraud on a blatant scale.
The role of the auditors Ernst & Young
The ongoing lawsuits filed by aggrieved investors of Wirecard AG are directed against the auditor Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft. Based on the state of the investigation to date, we assume that a properly functioning auditor should have discovered the fraud and thus the damage to investors years ago. In addition, EY faces accusations of having actively helped to shape the business model, or at least of having covered it with full knowledge.
Join the community of plaintiffs against the auditors Ernst & Young here and claim your lost investment in Wirecard AG as damages.
What is our recommendation to you? What decisions should you make now?
You have four behavioral options:
- Do nothing. Write off the Wirecard loss and forget about it.
- Wait and see what the future brings. The substantive statute of limitations is 3 years; it therefore does not expire until 2023. Therefore, it seems reasonable to wait, depending on how you assess further developments at EY.
- Register for the KapMuG model proceedings. Any investor who is currently refraining from filing a lawsuit and thus wants to wait until after the conclusion of the model proceedings should at least register his claims in the model proceedings to prevent the statute of limitations from running. Register here.
- If you have not already done so, decide to file a lawsuit now. If you do so, we will be happy to assist you.
We have a lot of experience with large-scale proceedings. In the real estate funds of the Bankgesellschaft Berlin (“LBB-Fonds” and “IBV-Fonds”) we represented about 8,000 investors. After we were able to decide the first proceedings in favor of our clients, the State of Berlin settled all investors on very good terms. We have thus fully achieved our clients’ objectives.
In the media funds launched by subsidiaries of the German Landesbanken, we represented around 4,500 investors. There, too, the Landesbanks settled the investors on very good terms after we were able to decide the first proceedings in favor of our clients. There, too, we were able to realize our clients’ objectives.
Numerous other proceedings from the ship fund, life insurance and bond sectors can be cited, which do not need to be discussed in more detail here. In brief: Our team consists of battle-hardened men and women who are “not afraid of royal thrones” and who are also at work with full determination in the Wirecard/EY matter.
Due to our experience and expertise, our lawyers are also repeatedly in demand as experts in the media and at events. For example, Dr. Schirp spoke at an event on the topic: “How is the Wirecard scandal changing the auditing system?”. You can find the latest coverage of our firm in connection with the Wirecard scandal here.
Please feel free to contact us if you are interested in filing a lawsuit.
How to reach us
Schirp & Partner Rechtsanwälte mbB
Leipziger Platz 9
10117 Berlin, Germany
Phone: +49 (0)30 – 327 617 0
Fax: +49 (0)30 – 327 617 17
Legal Advisory Label
Please take note that we can not answer consultatively here. If you happen to request that anyways, you may give us full power of attorney. For that, simply download this form, sign it and return it to us.
The company has now been fined $300 million.
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