Wirecard

Wirecard AG was a German payments processor listed on the Frankfurt Stock Exchange and formerly included in Germany’s DAX 30 index.

Following years of questions about Wirecard’s accounting and internal controls, the Company appointed KPMG to conduct a special audit. KPMG subsequently reported that it could not verify arrangements responsible for the majority of Wirecard’s profits between 2016 and 2018.

In June 2020, Wirecard disclosed that €1.9 billion reported as cash on its balance sheet was missing. Its share price fell by approximately 90% within days, and the Company subsequently filed for insolvency in one of the largest corporate failures in German history.  

Wirecard’s long-standing auditor, Ernst & Young GmbH (“EY”), is alleged to have failed adequately to verify the Company’s reported bank balances and to conduct its audits in accordance with applicable auditing standards.

Claims Funding Europe has partnered with the German law firm Heuking Kühn Lüer Wojtek to represent institutional investors who suffered losses in connection with their investments in Wirecard. The proceedings against EY were filed in 2022 and are now before the Munich Regional Court.