The complaint filed in the U.S. District Court for the Southern District of New York centers on disclosures made within Wise's Form 20-F registration statement. Plaintiffs contend that the company framed compliance risks as hypothetical, despite allegedly harboring longstanding deficiencies in its U.S. anti-money laundering and counter-terrorist financing programs. The filing further asserts that Wise failed to disclose a Brussels Public Prosecutor’s inquiry into approximately $582.5 million in suspicious transactions.

Market reaction to the revelations was swift, with WSE shares dropping 16.05% over three sessions in early June and sliding another 6.2% on July 24, 2026. The latter decline followed reports that the Office of the Comptroller of the Currency denied the company’s application for a national trust bank charter due to supervisory concerns. Levi & Korsinsky, LLP, the firm representing the class, argues that these regulatory hurdles were central to Wise’s growth strategy and were intentionally downplayed to ensure a successful U.S. listing.