Kuznicki Law PLLC notifies investors that a class action has commenced 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 has commenced in the United States District Court for the Southern District of New York.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 11, 2019 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
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