Update March 13, 2023:
The court today annonunced the lead plaintiff in the model case action against EY and Dr. Markus Braun. As soon as this is decision is published in a special public registry, within a period of 6 months other defrauded investors will be able to register their claims with the court. This registration has to be executed by a lawyer licensed in Germany.
Update August 25, 2020:
The relevant Munich court yesterday officially opened the insolvency proceeding and appointed Michael Jaffé as the permanent administrator.
The court also has set October 26, 2020 as the deadline for the filing of claims in the proceeding and scheduled the first creditors’ meeting for November 18, 2020.
Update August 19, 2020
Our partner firm in Austria, the law firm of Aigner Lehner Zuschin + Partner, has filed the first lawsuit against the former Wirecard-CEO Markus Braun in Kitzbuehel/Austria.
Update June 25, 2020:
Today Wirecard’s management board has decided to file an application for the opening of insolvency proceedings due to impending insolvency and over-indebtedness.
We therefore will also seek to protect the interests of defrauded inverstors in this insolvency proceeding. Furthermore we will investigate claims against the auditors Ernst & Young and (ex-) board members personally.
June 19, 2020:
We are pursuing possible shareholder claims against Wirecard AG (ISIN DE0007472060) based on the failure to disclose information about an insufficient compliance system within the company and a potential manipulation of the balance sheet under Section 97 of the German Securities Trading Act and Section 826 of the German Civil Code.
On June 18, 2020 Wirecard acknowledged that the failure to complete an audit by June 19 may lead to the termination of 2 billion euros in loans, thus putting pressure on the available cash of the company. Shares plunged more than 60% due to the delayed publication of the annual financial results of the company when Wirecard revealed that auditors were unable to find about EUR 1.9 billion in cash in escrow accounts held at two Asian banks.