WIRECARD-​Scandal: What opportunities you now have as an investor

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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.

Why us?

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
E-​Mail: mail@​schirp.​com

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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.

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