A num­ber of more or less well-known Ger­man class action lawy­ers have­fi­led lawsuits against Wire­card AG, its Manage­ment Board mem­bers and its audi­tors. Lawsuits against the Ger­man Federal Finan­cial Super­vi­so­ry Aut­ho­ri­ty (Bafin) have been announ­ced. It is appar­ent­ly part of the busi­ness model of the­se firms to posi­ti­on them­sel­ves in the media at an ear­ly sta­ge in order to acqui­re cli­ents. Howe­ver, the pro­spects of the­se lawsuits are eit­her doubt­ful, or it is unclear whe­ther the defen­dants will be able to pay at all. In most cases, the­re is no immedia­te risk of claims beco­m­ing time-bar­red. Inves­tors should the­re­fo­re not rush into expen­si­ve man­da­tes. Man­da­tes that have alrea­dy been gran­ted can in some cases even be revo­ked without adver­se cost consequences.

Con­ti­nue rea­ding “Wire­card: Are share­hol­der lawsuits a fool’s errand?”