top of page


We are delighted to announce the publication of the case study entitled “Wirecard: short selling as a tool for ethical markets,” which has been prepared by Dr. Dawn Carpenter, Business Ethicist and the Director of the Solidarity Economy Workshop at Georgetown University.

The video recording of the case study as well as the slides used during the presentation and a list of additional relevant sources are accessible at the following address:

This presentation is part of a series of eight case studies focused on occurrences of corporate misconduct, which were presented during the event “Corporations, Governance, and Crime” that was held on the 17th of November 2022.

This hybrid international roundtable (in-person and online) was focused on corporate governance failures and irresponsible business practices. It was organized by our Editor-in-Chief, Dr. Costantino Grasso - Associate Professor in Law at Manchester Law School, in cooperation with the Manchester Metropolitan University, and was included in the teaching activities of the Master of Laws course in Corporate Governance and Business Ethics at Manchester Law School.

The event was is driven by the ambition of casting light on some of the most burning issues affecting the corporate world through a series of brief but highly topical case studies. In particular, a series of terrific guests focused on eight select corporate scandals, which covered issues spanning several countries and different industrial sectors including the food, leisure, extractive, and financial industries. The event also focused on a recent UK judicial decision that represents a matter of concern in the area of whistleblowing and corporate compliance and audit systems.

In this case study, Dr. Dawn Carpenter focused on the key role played by short sellers in bringing to light one of the most relevant cases of financial fraud that occurred in recent years and strongly affected the German financial system: the Wirecard scandal. Wirecard was a financial service provider that collapsed after auditors refused to sign off its accounts due to a missing amount of €1.9 billion caused by fraudulent activities. Short selling, which is commonly considered a controversial trading practice consisting of making profits based on the deterioration in the company’s stock price, is discussed by Dr. Carpenter as a tool for ethical markets.


bottom of page