The litigation, filed in the United States District Court for the Southern District of New York, centers on claims that Wise Group misled shareholders regarding the stability of its compliance programs. According to the complaint, the company downplayed risks associated with its U.S. trust bank charter application while simultaneously facing a probe by the Brussels Public Prosecutor's Office. That investigation reportedly involves over $582.5 million in transactions linked to potential fraud, corruption, and drug trafficking.

The market reacted violently to the revelations. Wise shares dropped 16.05% over three trading sessions in early June 2026 following news of the Brussels investigation. A second wave of selling occurred on July 24, 2026, when the Office of the Comptroller of the Currency denied the company’s national trust bank license, citing persistent failures in anti-money laundering and counter-terrorist financing protocols. Attorney Joseph E. Levi, representing the plaintiffs, noted that the timing of these regulatory disclosures is central to establishing investor harm. Shareholders who incurred losses during the specified period may be eligible to participate in the recovery effort.