NEW YORK, February 5, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Danske Bank A/S ("Danske Bank" or the "Company")(Other OTC: DNKEY) of the March 11, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Danske Bank stock or options between January 9, 2014 and October 23, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/DNKEY. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Danske Bank American Depositary Receipts ("ADRs") between January 9, 2014 and October 23, 2018 (the "Class Period"). The case, Plumbers & Steamfitters Local 773 Pension Fund v. Danske Bank A/S et al., No. 19-cv-00235 was filed on January 9, 2019, and has been assigned to Judge Valerie E. Caproni.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Danske Bank's Estonian branch was facilitating money laundering through at least March 2016; (2) that a whistleblower had reported the Estonian money laundering to the Company in 2013; (3) that Denmark's Financial Supervisory Authority (the "DFSA") had been investigating the Estonian money laundering since 2014; (4) that Danske Bank had concealed the results of its own internal investigation from the DFSA, further exposing it to regulatory action and fines; and (5) that Danske Bank had been overstating its historical profits by including the profits derived from its illicit Estonian operations.
As the market learned the full extent of the Company's prior reliance on illicit profits and its resulting exposure to regulatory action between September 2017 and October 23, 2018, the market price of Danske Bank ADRs fell to as low as $9.50 each, erasing more than $2.54 billion in market capitalization.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Danske Bank's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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