Wirecard, EY Face Lawsuit Over Missing $2.1 Billion (Corrected)

Wirecard AG and its auditor were hit with what appears to be the first proposed securities fraud class action by U.S. shareholders over $2 billion in assets that went missing.

The complaint also names former CEO Markus Braun, the company’s current and former chief financial officers, and several other corporate officers of the German company, who allegedly were involved in “drafting, producing, reviewing and/or disseminating” false and misleading statements about the company’s financial condition. The company’s German auditor, Ernst & Young GmbH, was also named as a defendant.

The plaintiffs allege that Wirecard, which offered Internet payment and processing services, ...