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Federal Court of Justice excludes EY from Wirecard model proceedings, individual suits continue

The Federal Court of Justice ruled that liability claims against the auditors and the audit firm EY do not fall within the investor model proceedings for Wirecard. EY welcomed the decision and pointed out that damages claims will be defended in the now-resumed individual proceedings. More than 8,000 previously stayed lawsuits against EY will thus be pursued individually, and around 19,000 investors who had only filed claims in the model proceedings reportedly still have a period in which they can bring individual suits. The legal question of EY’s potential liability remains, but must now be decided in numerous separate cases. » More on faz.net
BGH rejects suits against EY from Wirecard model proceedings – four lost years for shareholders

The Federal Court of Justice ruled that auditors’ reports do not fall under the then-capital-investors’ model proceedings law. As a result, claims against auditor EY cannot be pursued in the Bavarian Supreme State Court; more than 9,000 individual lawsuits must be reopened. Only claims against former managers such as Markus Braun remain in the model proceedings, from whom little recovery is expected. The ruling and years of procedural delays are being cited as further evidence of the failure of state institutions to address the Wirecard scandal. » More on capital.de
Markus Braun criticizes six years of pretrial detention in Wirecard trial

Former Wirecard CEO Markus Braun describes his six years of pretrial detention, continuing since summer 2020, as unjustified and calls for time limits on pretrial detention and trial duration. He pleads for a maximum of one year in pretrial detention and for limited trial time, while pointing to numerous evidence motions by the defense. Braun denies all allegations; the trial has been underway for about four years. According to the public prosecutor's office, a fraud loss of around three billion euros arose from fictitious revenues. » More on finanzen.net

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In 2019, Wirecard has already paid €0.20 in dividends. The last payout was in June 2019.

Fundamentals

Metric	Value
Market capitalization	€3.71M
Number of shares	123.57M
52-week high/low	€0.03 - €0.014
Dividends	No
Beta	3.18
P/E ratio	-
PEG ratio	-
P/B ratio	-
P/S ratio	-

Company profile

Wirecard AG, a technology company, provides outsourcing and white label solutions for electronic payments worldwide. The company operates in three segments: Payment Processing & Risk Management, Acquiring & Issuing, and Call Center & Communication Services. The Payment Processing & Risk Management segment offers products and service for the acceptance or transactions, and the processing of electronic payments and associated processes. The Acquiring & Issuing segment provides settlement services for credit card sales for online and terminal payments, as well as current accounts with prepaid cards and Girocard/Maestro debit cards; processes payment transactions in various currencies; and issues prepaid and debit cards to private and business customers. The Call Center & Communication Services segment offers value added services, aftersales services to customers, and mailing services. The company also provides payment processing solutions that include Wirecard Payment Page, a payment page; credit card processing; direct debit; online banking payment; alternative payment; international payment processing; tokenization; point of sale terminals; and Wirecard Checkout Portal, a payment portal. In addition, it offers mobile payment solutions; risk management solutions, such as fraud prevention, credit worthiness checks, and individual solutions; integration and testing solutions, including enterprise integration, transaction testing, payment hub, customer self-select PIN, and secure mailer solutions; and communication services. The company serves the consumer goods, digital goods, and travel and mobility sectors. Wirecard has strategic partnerships with Poynt, CreditPilot PLC, SunExpress, and Emonvia. Wirecard AG was founded in 1999 and is headquartered in Aschheim, Germany.

Name	Wirecard
CEO	Bradley J. Fauss
Headquarters	Aschheim, Germany
Website	wirecard.com
Sector	Consumer Discretionary
Industry	Specialty Retail
IPO	11/22/2007
Employees	5,685