BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that acquired Danske Bank A/S (“Danske” or the “Company”) (OTC: DNKEY) American Depositary Receipts (“ADRs”) during the period between January 9, 2014 and October 23, 2018 (the “Class Period”). Danske investors have until March 11, 2019 to file a lead plaintiff motion.
On October 24, 2018, the Wall Street Journal reported that the U.S. Department of Justice, Treasury Department, and the SEC, were investigating Danske’s small Estonian branch, and that the Company’s CEO had resigned. On this news, Danske ADRs and U.S. bonds’ value fell, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed 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; (5) that Danske Bank had been overstating its historical profits by including the profits derived from its illicit Estonian operations; and (6) that Danske Bank lacked effective internal and reporting controls.
If you purchased ADRs of Danske, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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