The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Danske Bank A/S (OTCMKTS: DNKEY) who purchased American Depositary Receipts between January 9, 2014 and October 23, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or 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. As a result of this information being withheld from the market, Danske Bank ADRs traded at artificially inflated prices of more than $20 each during the Class Period.
Shareholders have until March 11, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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