Glancy Prongay & Murray LLP (GPM) reminds investors of the March 8, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Danske Bank A/S (Danske or the Company) (OTC: DNKEY) American Depositary Receipts (ADRs) during the period between January 9, 2014 and October 23, 2018 (the Class Period). Danske investors have until March 8, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On October 24, 2018, the Wall Street Journal reported that the U.S. Department of Justice, Treasury Department, and the SEC were investigating Danskes small Estonian branch for allegedly processing nearly $234 billion from 2007 through 2015 from foreign countries, and that the Companys CEO had resigned. The Wall Street Journal also claimed that Danskes management was informed that the Estonian branch could not isolate the issue and therefore acts against [anti-money-laundering] legislator principles. On this news, Danske ADRs and U.S. bonds value fell, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) Danske Banks 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 Denmarks 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.
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If you purchased ADRs of Danske, you may move the Court no later than March 8, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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