From: RegTech Analyst
Wirecard investors are suing the German regulator BaFin for allegedly having turned a blind eye against the evidence that things weren’t what they should’ve been at the collapsed FinTech.
Lawyer Andreas Tilp filed the lawsuit on the investors’ behalf, accusing BaFin of having failed in its due diligence when it comes to Wirecard.
The company imploded in June after a $2.1bn hole in its finances and evidence of a suspected global fraud were uncovered.
“BaFin grossly neglected its duties and powers by refusing to investigate Wirecard AG for market manipulation, while taking biased action against journalists and short sellers,” Tilp said in a statement seen by Bloomberg, adding that if Bafin had “properly investigated the matter,” any wrongdoing would have come to light earlier.”
BaFin has replied, questioning if the suit is legal as the regulator works on the behalf of the public and not for investors.
Tilp has previously filed lawsuits against Wirecard and its auditor EY.
However, Tilp is not the only one suing the failed FinTech.
Last week RegTech Analyst reported that the Rosen Law Firm is gearing up for a class action lawsuit against Wirecard.
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