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Ernst & Young Sued Over Wirecard as Accounting Woes Add Up

  • Firm failed to flag unfounded bookings, investor suit claims
  • Action comes two days after Wirecard was raided by prosecutors
Key Speakers At Noah Technology Conference
Photographer: Krisztian Bocsi/Bloomberg
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Accounting firm Ernst & Young was sued over its work for Wirecard AG, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe.

The German lawsuit alleges that EY failed to flag that 1 billion euros ($1.1 billion) in assets were improperly booked on the payment processor’s 2018 accounts, Wolfgang Schirp, a lawyer for private investors, said in a statement on Monday.