Breaking news at Wirecard and EY: First decision of the Munich Higher Regional Court available. Good news for the plaintiffs!

There is good news in the proceedings against EY. The Munich Higher Regional Court has issued a 17-page decision that contains several pieces of good news:

1.) The Higher Regional Court harshly criticizes the first decisions in which the Munich Regional Court had dismissed lawsuits filed by EY victims. The Higher Regional Court says: "That's not the way to do it, the Regional Court can't make it that easy for itself".
2.) The Higher Regional Court instructs the Regional Court to investigate EY's misconduct more precisely. For this purpose - as we have long requested - an expert opinion must be obtained. This is because the Regional Court does not have sufficient knowledge of its own to be able to assess what EY's auditors did wrong. We filed corresponding motions months ago. Now the Regional Court must finally follow up on these requests.
3.) The Regional Court must take into account the report of the Parliamentary Investigation Committee of the German Bundestag. The Regional Court failed to do so, thus violating the right to a fair hearing. We also submitted this report months ago in our proceedings.
4.) This must apply all the more to the Wambach Report, which we already introduced months ago in our proceedings and which heavily incriminates EY. At long last, the Regional Court will have to respond to this report.
5.) Last but not least: the Regional Court has so far blocked the plaintiffs with an absurdly exaggerated "causality" test. What is meant by this is the following: The Regional Court has demanded very precise information from the plaintiffs as to when and how they would have taken note of Wirecard AG's annual financial statements and EY's attestations. Many plaintiffs were - of course - unable to provide any information in this regard. The Higher Regional Court puts an end to this blocking practice. The Higher Regional Court says: "If EY had carried out its due diligence, the fraud at Wirecard would have been discovered much earlier and Wirecard would have had to file for insolvency. In this factual situation, life experience suggests that the plaintiffs would then no longer have bought Wirecard shares. In that case, the plaintiffs would not have suffered any damage either. Thus, causality is unproblematically given, and the lawsuits cannot fail on this issue.

Attorney Dr. Wolfgang Schirp, Berlin, representing ca. 1.160 plaintiffs against EY: "This is all very positive. We feel vindicated all along the line. If you would like to know more, please feel free to register for our free webinar on Wednesday, Dec. 15, 2021, 3 p.m. in English language".

For further information please contact:
Dr. Wolfgang Schirp, Rechtsanwalt and Fachanwalt für Bank- und Kapitalmarktrecht, Leipziger Platz 9, D - 10117 Berlin, Telephone +49 (0)30 327 617-34 (office) or +49 179 5320213 (mobile), e-mail: schirp@schirp.com, URL: www.schirp.com