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.