As businesses and financial markets continue to grapple with the pandemic downturn, the number of investor activist campaigns is still down from last year, according to data from the Bloomberg Terminal. However, some activists are undeterred.
TCI Fund Management Ltd., one of the world’s best-performing large hedge funds, launched a campaign against Wirecard AG., involving one of the largest accounting scandals in Germany. Some experts are now calling Wirecard the new Enron.
Wirecard, a now-defunct German payments processor, became a target of TCI following a financial scandal involving claims of improper revenue recognition. According to Bloomberg, ...