Law Firm Gathers Wirecard Investors For Action Against EY

Law360, London (June 25, 2020, 4:42 PM BST) -- Berlin-based law firm Schirp & Partner said Thursday it is rounding up Wirecard AG investors for further group action against auditor Ernst & Young after the payments company filed for insolvency court protection, eliminating it as a target for legal proceedings.

Schirp & Partner filed a collective action June 8 against EY before a court in Stuttgart, where the auditor has its German headquarters, and said Thursday it is preparing further lawsuits. The firm alleges that EY breached its auditing obligations by not identifying a €1.9 billion ($2.1 billion) hole in Wirecard's accounts until it was too late.

Wirecard said Thursday...

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