Wirecard AG - Class action at the Intermediate Court of Munich
In the next months there will be a class action under the German Kapitalanlegermusterverfahrensgesetz (KapMug) against the Wirecard AG, the auditor Ernst & Young , und and the board of management and the advisory board (practically the D&O insurances). It is quite possible, that there will be a settlement with the auditor Ernst & Young and their professional liability insurance. The claims against the Wirecard AG have to be filed in the German Chapter 11 procedure (no further costs will arise).
The German class action has the advantage, that the costs are around 3% of the damage (court fees and all legal expenses included). This procedure will take place at the Intermediate court of München (Oberlandesgericht München).
Furthermore we will keep our clients informed about the claims against the German Financial Supervision Agency (BaFin). As far as these claims fall under the statue of limitation in 2023 no fast action is required.
Damages under German Securities Law
Under German Securities Trading Law Art. 823 Abs. 2 BGB in connecting with Art. 37 v, 37 w WpHG a company is liable for any incorrect published financial reports and ad-hoc statements. Additionally a liablility under Art. 37 b WpHG is cognitable, due to the possibility, that ad-hoc disclosure was eventually inaccurate in the past. Under article 17 MAR (Market Abuse Regulation) further claims can be brought forward against the Wirecard AG, the auditor, and the manament board. All shareholders who purchased shares or derivatives of the company can claim a restitution of their stock purchase in accordance with German Securities Trading Law. All shareholders who purchased their shares prior to the 18th June 2020 are eligible for monetary compensation.
While the registered office of the company is in Munich, the competence of the German jurisdiction is given due to the fact that the company has a primary listing in Frankfurt. Under the European provisions of the Brussels Convention, the Intermediate Court of Frankfurt is competent for any possible claims of shareholders in Germany.
German class action in Munich - Registration of claims
Recently the Intermediate Court of Munich (OLG) started a class action under the Kapitalanlegermusterverfahrensgesetz (KapMuG) against the company. We register the claims in individual court proceedings for our clients. Then the statute of limitation will apply to the claims under German Securities Law.
If you are interested in further information or an assessment of your individual situation, please do not hesitate to contact me at Tel. 0049 251 97447543 or firstname.lastname@example.org