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European Investors – VEB seek compensation for investors from Wirecard’s auditor EY in Germany

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– EY, in its capacity as statutory auditor of Wirecard AG has not assumed the full width of its
responsibilities and, hence has not properly fulfilled its role.
– EY has played a significant role in the whole Wirecard scandal, not only from its inability to
detect the flaws in Wirecard’s escrow account in former years. Moreover EY’s
communication behaviours are harmful to the Wirecard shareholders and to the capital
markets at large. Just when EY should have played a protective and clarifying role, it left the
shareholders out in the cold.
– European Investors – VEB hold EY liable and encourage all investors to sign up for its

European Investors – VEB seek compensation on behalf of the Wirecard shareholders for the
significant damages caused by EY. European Investors – VEB, is an independent and not-for profit
organisation representing investors in engagement activities, class actions and policy matters.

Wrongfooting the market
On 3 May 2020, Wirecard’s CEO stated: ’E&Y informed us this morning that they have no problem at
all to sign off the audit 2019.’ This wrongfooted the markets – notably having regard to the findings
exposed by KPMG’s special report, a forthcoming ‘sign-off’ verged on inconceivability.

EY meanwhile did not react to this statement, though it has been an obvious misrepresentation from
an ex ante and an ex post perspective accordingly. European Investors promptly stepped up to the
plate and exhorted EY to inform the markets on the accuracy of this price relevant information by

EY remained silent.

Denouncement by EY in Financial Times
On 8 June 2020, 35 days later, EY gave an official quote to the Financial Times: “‘Our audit of
Wirecard’s accounts is ongoing’, EY said. ‘We have not formed an audit opinion and cannot confirm
any conclusions.’”

European Investors immediately stepped in on 9 June 2020, asking EY to comment on its
communication in the Financial Times article. EY declined to comment content wise on 15 and 16
June 2020 and hid behind formal requests in order to kick the can down the road. In European
Investors’ view this behaviour is showing EY’s bad faith above anything else.

European Investors firmly take the legal stance that by doing so, EY intentionally neglected its legal
duties, obstructed adequate price discovery for more than 35 days, by letting an untrue statement
remain in the markets, then giving a denouncement in an improper and misleading way, presumably
knowing about the outcomes of 18 June 2020 in Wirecard’s announcement, improper again. Thereby
EY knowingly and willfully harmed the Wirecard shareholders.

European Investors seek compensation on behalf of the Wirecard shareholders for the significant
damages caused by EY and invites EY to discuss any possible compensation arrangements in due

European Investors encourage other shareholders to join its action.

Background European Investors – VEB:
European Investors is the international branch of VEB. For almost a century, European Investors –
VEB aim to strengthen the representation of investors in Europe by the following activities:

1. Engaging with listed companies at their AGMs and in one-on-ones, representing long-term
investors, based on our inhouse analyses which include qualitative criteria;

2. Initiating legal proceedings to bring about governance changes and to have compensation
awarded to investors that have incurred losses on their investments due to fraud, deceit or
mismanagement from the part of companies listed in Europe, banks, accountants and (former)
directors. We have an unrivalled track-record in conducting legal actions towards compensation of
investor damages or the repair and improvement of lapses in corporate governance (e.g. from
companies like Fortis, Shell, Ahold); and

3. Representing investors in legislative and regulatory discussions within Europe on areas which
directly impact their legal position and their investments.
Please visit our website www.europeaninvestors.eu for more information on our activities and
pending securities litigation.

[NOTE for editor: For questions and comments please contact European Investors at +31703130008
or +31629582668 or our German attorney-at-law Dr. Andreas Zubrod +4969/97764325 or

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