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While BaFin staff was buying and selling Wirecard shares, BaFin was investigating the company based on media reports about suspected accounting manipulation at its unit in Singapore and an anonymous complaint it received in early 2019. BaFin, as a financial supervisor, also directly oversees Wirecard Bank, which is part of Wirecard. “It certainly does not […]
As I have noted in prior posts (most recently here), one of the more interesting and noteworthy developments in recent years has been the rise of collective investor actions outside the United States. A recent white paper published by Allianz Global Corporate & Specialty SE in collaboration with the Clyde & Co law firm entitled […]
Germany’s financial watchdog is widening its examination into possible insider trading of Wirecard shares to include any individuals who have sat on the company’s management and supervisory boards in 2020, a BaFin spokeswoman said on Wednesday. via German’s watchdog widens probe of possible Wirecard insider trading | News | 1450 99.7 WHTC.
As the agency primarily responsible for the investigation of potential misconduct within the financial services sector in the UK, the Financial Conduct Authority (FCA) continues to investigate many diverse forms of suspected misconduct. While the number of cases under investigation by the FCA’s Enforcement Division continues to grow, there have been signs in the past […]
Global law firm DLA Piper announces that financial services dispute resolution and class actions lawyer Matthew (Matt) Spain has joined the firm, effective today. Matt joins DLA Piper from King & Wood Mallesons’ (KWM) Financial Services Dispute Resolution group, where he has spent the past 13 years. During his time at KWM, Matt has built […]
Last week, payments firm Wirecard admitted that €1.9bn of its cash probably never existed — and then it collapsed. It turns out that the German group’s auditors had failed for at least three years to request crucial account information from a Singapore bank where Wirecard said it had up to €1bn. Instead, EY relied on […]
China’s securities regulator slapped two individuals with a record fine for insider trading and confiscated their ill-gotten gains, meting out 3.6 billion yuan (US$508 million) of penalties in an unprecedented enforcement to stamp out corporate malfeasance in the country’s financial markets. Shanghai entrepreneur Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan […]
Canadian companies have faced an unprecedented last few months in the wake of the COVID-19 pandemic and the subsequent measures to contain its spread. As the pandemic’s impacts continue to reverberate, the first round of COVID-related litigation has begun. Several COVID-related class actions have already been launched in Canada, including: Class actions against long-term care […]
Investment in Australia that will be crucial to recovering from the coronavirus crisis could be put at risk because the treasurer, Josh Frydenberg, has watered down laws requiring company directors to keep the market properly informed, say advisers to funds controlling trillions of dollars. In a seven-paragraph press release issued late on Monday afternoon, Frydenberg […]
The Financial Conduct Authority has banned a former equities dealer at Legal & General Investment Management seven years after he was sentenced to prison for insider trading. Paul Milsom pleaded guilty in January 2013 to insider dealing following a large-scale probe by the Financial Services Authority and two months later was sentenced at Southwark Crown Court to two years imprisonment. […]