The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Deutsche Bank Aktiengesellschaft (NYSE: DB) who purchased shares between March 20, 2017 and March 30, 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 DB lawsuit alleges that (1) Deutsche Bank's internal control environment and infrastructure were materially weak and deficient; and (2) as a result, Deutsche Bank's statements about the Company's business and operations were materially false and misleading at all relevant times. On May 31, 2018, The Wall Street Journal reported that the U.S. Federal Reserve had designated Deutsche Bank’s U.S. business as being in a “trouble condition,” citing concerns about “its controls around measuring financial exposure to clients and valuing collateral that backed loans.” It was also reported that the Federal Deposit Insurance Corporation (“FDIC”) added Deutsche Bank’s FDIC-insured subsidiary, Deutsche Bank Trust Company Americas, to a list of “problem banks” which are at-risk. On this news, Deutsche Bank’s share price fell $0.49 or over 4% to close at $11.08 on May 31, 2018.
Shareholders have until August 6, 2018 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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