A lawsuit was filed on behalf of investors in Danske Bank A/S (OTC: DNKEY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/01/2019 -- An investor, who purchased shares of Danske Bank A/S (OTC: DNKEY), filed a lawsuit over alleged Securities Laws violations by Danske Bank A/S in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Danske Bank A/S (OTC: DNKEY) have certain options and for certain investors are short and strict deadlines running. Deadline: March 11, 2019. OTC: DNKEY investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Copenhagen, Denmark based Danske Bank A/S provides banking products and services to various customers.
On September 5, 2017, it was reported that Danske Bank A/S had hired the former head of Denmark's intelligence agency to help it in its effort to counter money-laundering claims.
On September 21, 2017, Danske Bank A/S disclosed, among other things, that it had "expand[ed] its ongoing investigation into the situation at its Estonian branch."
On December 21, 2017, it was reported that Danske Bank A/S "had been fined 12.5 million Danish crowns ($2 million)" by the Denmark's Financial Supervisory Authority "for violating anti-money laundering rules in relation to the monitoring of transactions to and from correspondent banks," and that Danske Bank was "examining whether its Lithuanian and Latvian branches had been involved in money laundering, expanding an investigation beyond its Estonian operations."
On May 3, 2018, it was reported the Denmark's Financial Supervisory Authority issued a report stating it had identified "serious weaknesses" in Danske Bank's governance and that Danske Bank "was exposed 'to significantly higher compliance and reputational risks than previously assessed.'"
On July 18, 2018, Danske Bank A/S stated that it wants to pay back approximately $230 million earned in profits in connection with its alleged role in an international money laundering scheme involving illicit funds from Russia, Azerbaijan and Moldova, which were funneled through Danske's Estonian office.
On September 14, 2018,an article was published that disclosed that U.S. law enforcement agencies had begun investigating the scandal following a tip to the SEC from a whistleblower at least two years earlier.
Finally, on October 23, 2018, an article was published disclosing the full extent of the information the whistleblower had alerted Danske Bank's senior executives to back in 2013 and detailing how Danske Bank had endeavored to silence the whistleblower for years.
The plaintiff claims that between January 9, 2014 and October 23, 2018, the defendants failed to disclose that Danske Bank's Estonian branch was facilitating money laundering through at least March 2016, that that a whistleblower had reported the Estonian money laundering to the Company in 2013, that Denmark's Financial Supervisory Authority (the "DFSA") had been investigating the Estonian money laundering since 2014, that Danske Bank had concealed the results of its own internal investigation from the DFSA, further exposing it to regulatory action and fines, that Danske Bank had been overstating its historical profits by including the profits derived from its illicit Estonian operations, and that that Danske Bank lacked effective internal and reporting controls. As a result of this information being withheld from the market, Danske Bank ADRs traded at artificially inflated prices of more than $20 each between January 9, 2014 and October 23, 2018.
Those who purchased shares of Danske Bank A/S (OTC: DNKEY) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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