Wirecard
Compensation for shareholders, bondholders
and holders of derivatives
and holders of derivatives
The auditor of the Wirecard AG - Ernst & Young - has presumably failed to have the balance sheet balances shown in the billions of euros presented to them by the account-holding banks, possibly violating their obligations considerably. This is particularly surprising, since numerous critical reports and information about Wirecard AG and its accounting practice have been available since 2008, so that, in our view, it would have been essential to intensify the audit procedures on the part of the auditors.
This violation of behavior is difficult to understand and, in our view, at least grossly negligent. The auditors may even have deliberately refrained from obtaining the balance confirmations or checking any existing balance confirmations for correctness and, in connection with this, may have accepted the fact that the reported balances do not exist. As a result, you could have accepted the damage to third parties, in particular shareholders, associated with the wrong attestation.
In our opinion, shareholders and bondholders who have relied on the audited financial statements are therefore entitled to compensation. Investors must be positioned as if they had never made the investment or sold their investment earlier. In our view, Ernst & Young is therefore obliged to compensate for the entire damage.
At the link above you can register for the bundled claims enforcement funded by LitFin. The law firm will be Pinsent Masons.