Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased The Goldman Sachs Group, Inc. (NYSE: GS) (Goldman Sachs or the Company) securities between February 28, 2014 and December 17, 2018, inclusive (the Class Period). Goldman Sachs investors have until February 19, 2019 to file a lead plaintiff motion.
According to data gathered by Bloomberg in 2016, Goldman Sachs has been involved in $18.8 billion of Malaysian mergers and acquisitions over the past five years, making it the top foreign adviser with a 20.5[%] market share. The business Goldman Sachs was involved in Malaysia included raising funds for 1Malaysia Development Berhad (1MDB), a Malaysian state-owned investment fund set up in 2009 initially to establish financing for economic and infrastructure deals throughout Malaysia.
As of early 2015, 1MDB has been subject to international criminal and regulatory investigations for potential fraud and money laundering linked to missing payments of $11 billion owed to banks and bondholders. Investigational articles published by the Wall Street Journal throughout 2015 detailed how money was funded from 1MDB to Malaysian Prime Minister Najib Razaks 2013 election campaign, with further investigation tracing close to $700 million in deposits in personal bank accounts believe to be held by Najib Razak. Following this investigation, the U.S. Department of Justice implicated two former Goldman Sachs managing directors along with high-level 1MDB officials and associates for misappropriation of an estimated $4.5 billion from 1MDB between 2009 and 2014.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Goldman Sachs participated in a fraud and money-laundering scheme in collusion with 1Malaysia Development Bhd., a Malaysian state-owned investment fund; (2) the foregoing conduct, when revealed, would foreseeably subject Goldman Sachs to heightened regulatory investigations and enforcement; and (3) as a result, Goldman Sachs’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Goldman Sachs, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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