NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24DNKEY&src=ctag” target=”_blank”gt;$DNKEYlt;/agt; lt;a href=”https://twitter.com/hashtag/danskebank?src=hash” target=”_blank”gt;#danskebanklt;/agt;–Scott+Scott
Attorneys at Law LLP (“Scott+Scott”), a national shareholder and
consumer rights litigation firm, is reminds 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 protected].
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.