On behalf of the team

Wirecard was a listed German company that facilitated online payments. In June 2020, Wirecard’s board announced that € 1.9 billion in reported cash was missing or had possibly never existed. Following this announcement, an increasing number of (suspected) accounting irregularities emerged, and the share price collapsed. Meanwhile, Wirecard was declared bankrupt, and various proceedings were initiated by aggrieved investors against, among other parties, Wirecard’s accountant, Ernst & Young. For example, a class action is ongoing in the United States before the U.S. District Court for the Eastern District of Pennsylvania against Wirecard, Ernst & Young, a number of members of Wirecard’s management board and a member of its supervisory board. In Germany, five class actions have been initiated before various District Courts against Wirecard, Ernst & Young and two German regulators, namely the Bundesanstalt für Finanzdienstleistungsaufsicht and the Deutsche Prüfstelle für Rechnungslegung. With parliamentary and criminal investigations also under way in Germany, this has been called the largest accounting scandal since the Enron affair.