WRCDF - Wirecard investors seeks to recoup $1.64B from EY parent - Reuters

Better Finance, a European investor campaign group, is helping 30K stakeholders recoup EUR 1.5B ($1.64B) they lost when German payments firm Wirecard (OTCPK:WRCDF) (OTCPK:WCAGY) imploded in 2020, Reuters reported Wednesday. The campaign group has set up a foundation under Dutch law to take aim at the global parent of accounting firm EY, which audited Wirecard's financial statements, Reuters noted. "The advantage of using a Dutch foundation opens up the possibility of reaching a settlement with EY, including EY Global, for all injured Wirecard investors in Europe," Marc Tuengler, managing director of German investor group DSW, which had partnered with Better FInance to form the foundation, told Reuters.  Furthermore, Wirecard investors will go to court if EY in Germany or its global parent does not settle in a peaceful manner, Klaus Nieding, of Nieding+Barth law firm, explained to Reuters. In July 2020, Wirecard stock plunged 55% after annual report delay and missing cash.

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Wirecard investors seeks to recoup $1.64B from EY parent - Reuters