NEW YORK, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Danske Bank A/S (“Danske” or the “Company”) (OTCMKT: DNKEY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Danske American Depositary Receipts (“ADRs”) during the period between January 9, 2014 and October 23, 2018 (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/dnkey .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Danske Bank’s Estonian branch was facilitating money laundering through at least March 2016; (2) that a whistleblower had reported the Estonian money laundering to the Company in 2013; (3) that Denmark’s Financial Supervisory Authority (the “DFSA”) had been investigating the Estonian money laundering since 2014; (4) that Danske Bank had concealed the results of its own internal investigation from the DFSA, further exposing it to regulatory action and fines; (5) that Danske Bank had been overstating its historical profits by including the profits derived from its illicit Estonian operations; and (6) that Danske Bank lacked effective internal and reporting controls.
On October 24, 2018, the Wall Street Journal reported that the U.S. Department of Justice, Treasury Department, and the SEC, are investigating Danske’s small Estonian branch for allegedly processing about $234 billion from 2007 through 2015 from foreign countries, and the CEO’s resignation. The Wall Street Journal also mentioned that Danske’s management was informed that the Estonian branch could not isolate the issue and “therefore acts against [anti-money-laundering] legislator principles.” As a result of the abovementioned, Danske ADRs and U.S. bonds have dropped this year.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/dnkey or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Danske you have until March 11, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
