Wirecard does not come out of the headlines: The publication of the KPMG report at the end of April has developed into a disaster and has meanwhile also called on the BaFin financial regulator. In this context, the first shareholder has now filed a lawsuit against the DAX Group.
The Tuebingen-based law firm Tilp, which specializes in banking and capital markets law, filed the first German investor lawsuit against Wirecard before the Munich I regional court for Effecten-Spiegel AG, which it represented, and applied for a model suit to be brought before the Munich Higher Regional Court. This emerges from a press release from the law firm.
TILP is proceeding on the basis of its firm legal conviction that Wirecard AG is liable to compensate its stockholders for damages in light of a number of incorrect or incomplete disclosures to the capital markets, respectively for its failure to make such disclosures. At the least, all purchases of stock made in the period from February 24th, 2016, until April 27th, 2020, are affected. In the law firm’s assessment, those investors who were still holding the stock on April 27th, 2020, are entitled to damages, as are those who had already divested themselves of the stock at a loss.
“At the same time we filed the suit, we requested the establishment of a model case in accordance with the Kapitalanleger-Musterverfahrensgesetz (“KapMuG,” Act on Model Case Proceedings in Disputes under Capital Markets Law) before the Higher Regional Court of Munich. Proceeding in this way significantly increases the prospects of a successful outcome for plaintiff investors and reduces their cost risk, and at the same time puts maximum pressure on the defendants,” is how attorney Andreas W. Tilp, managing director of TILP, explains the strategy pursued by the law firm in these proceedings.
Wirecard AG (ETR: WDI) stock price is down again and it is trading at EUR 84.15 at the moment (12:00 GMT).