After price turmoil and reports of possible accounting violations threatens the payment service provider Wirecard legal trouble in the US.
The first class actions for alleged violations of securities laws have already been filed, others could follow quickly. Several US law firms have launched calls in recent days to bundle investors affected by price losses as clients. Wirecard was not available for comment until Tuesday evening.
Among the law firms that target the Dax company is the well-known US law firm Hagens Berman, which has already plagued several other companies, such as Volkswagen, in the „Dieselgate“ scandal. „We focus on investor losses, the extent to which corporate governance could have been involved in air bookings, and the question of whether investors may have been misled,“ said Hagens-Berman partner Reed Kathrein.
Reports by the Financial Times (FT) about allegations of allegations of financial tampering and document fraud against a Wirecard employee in Singapore have repeatedly put pressure on the stock.
The company has granted internal and external investigations. However, the „FT“ published only an early state, there had been no conclusive statement of misconduct. In Singapore, the authorities investigate the case, and the Munich public prosecutor has now initiated a preliminary investigation into the Kursturbulenzen.
At least five other law firms in the United States are currently investigating class actions against the Dax company from Aschheim near Munich. The first lawsuit, on behalf of an investor who finds himself harmed by misleading or misrepresentations by Wirecard, was filed last Friday with a federal district court in Los Angeles. In addition to the company, the application also lists Wirecard executives, such as CEO Markus Braun, as the accused.
The shares of Wirecard are indeed listed in the German index Dax, which reduces the explosiveness of US lawsuits. However, there are various securities that are traded as placeholders, for example in the form of share deposit certificates on the US capital market. Therefore, the company could theoretically threaten quite unpleasant and lengthy procedures there. First, however, must show how many of the law firms are serious and whether the competent US courts allow class action lawsuits against Wirecard.
