Wirecard insolvency: EY's line of defence broken

The law firms Schirp & Partner from Berlin and attorney Dr. Marc Liebscher of Dr. Späth & Partner, also from Berlin, have filed class action lawsuits against auditors or Wirecard AG, Ernst & Young Wirtschaftsprüfungsgesellschaft (EY). More plaintiffs are currently being assembled for further class action lawsuits. Thousands of claimants have already come forward, both private and institutional investors. Lawyers Schirp and Liebscher see their legal position fully confirmed by today's publication in the Financial Times: According to a report published today by the Financial Times, EY did not have any bank confirmations at all during the audit of Wirecard's financial statements 2016 to 2018 for the problematic escrow accounts, on which, from today's perspective, up to 1 billion EURO were missing. A head of audit of a rival ausditing firm confirms that EY would have breached fundamental obligations in this respect, which every newcomer to the profession must be aware of.

Dr. Wolfgang Schirp, Berlin: "It has been confirmed that there was no bank confirmation for significant amounts in escrow accounts. We cannot understand how EY was able to sign off Wirecard's annual financial statements 2016 to 2018 in this situation. Our clients want to hold EY accountable for this."

Dr. Marc Liebscher, Berlin: "Wirecard drops out as a defendant due to insolvency. This makes it all the more important that EY must pay compensation to investors. The new evidence reinforces the position we have already taken. Our wave of class actions against EY will be enormous."

For further information please contact us:

Dr. Wolfgang Schirp, Schirp & Partner Rechtsanwälte mbB, Leipziger Platz 9, D-10117 Berlin, Tel. 0049-30-326170 und 0049-179-5320213, Mail: schirp@schirp.com, URL: www.schirp.com

Dr. Marc Liebscher, LL.M. (Washington, D.C.), Dr. Späth & Partner Rechtsanwälte mbB, Kurfürstendamm 102, D-10711 Berlin, Tel. 0049-30-326170 und 0049-176-93150194, Mail: liebscher@dr-spaeth.com; URL: www.ey-klage.de