Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Danske Bank A/S
NEW YORK--(BUSINESS WIRE)--Jan 15, 2019--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Danske Bank A/S (“Danske Bank” or the “Company”) (OTC:DNKEY) and other defendants, related to alleged violations of federal securities laws. If you purchased Danske Bank American Depositary Receipts (“ADRs”) between January 9, 2014 and October 23, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
Danske Bank provides personal banking, business banking, corporate and institutional banking, and wealth management products and services, along with mortgage finance, real-estate brokerage, foreign exchange and equity services, and trades in fixed income products, including with customers who reside or are domiciled outside Denmark.
According to the lawsuit, defendants made false and misleading statements and/or failed to disclose adverse information regarding Danske Bank’s business and operations. Specifically, defendants failed to disclose that: (i) Danske Bank’s Estonian branch was facilitating money laundering through at least March 2016; (ii) a whistleblower had reported the Estonian money laundering to the Company in 2013; (iii) Denmark’s Financial Supervisory Authority (the “DFSA”) had been investigating the Estonian money laundering since 2014; (iv) Danske Bank had concealed the results of its own internal investigation from the DFSA, further exposing it to regulatory action and fines; (v) Danske Bank had been overstating its historical profits by including the profits derived from its illicit Estonian operations; and (vi) Danske Bank lacked effective internal and reporting controls.
On October 23, 2018, following news that began to come out in early September 2017, The Wall Street Journal published an article disclosing the full extent of the information a whistleblower had alerted Danske Bank’s senior executives to back in 2013 and detailing how Danske Bank had tried to silence the whistleblower for years.
Upon the gradual revelation of the Company’s reliance on illicit profits and its resulting exposure to regulatory action, the price of the Company’s ADRs plummeted a total of approximately 54%, from a high of $20.90 on February 16, 2018, to a low of $9.50 on October 23, 2018.
What You Can Do
If you purchased Danske Bank ADRs between January 9, 2014 and October 23, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at email@example.com. The lead plaintiff deadline is March 11, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT: Rhiana Swartz
Scott+Scott Attorneys at Law LLP
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Scott+Scott Attorneys at Law LLP
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PUB: 01/15/2019 11:18 AM/DISC: 01/15/2019 11:18 AM