The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Danske Bank A/S American Depositary Receipts (“ADRs”) between January 9, 2014 and October 23, 2018.
According to the complaint, throughout the Class Period, the Company issued materially false and 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. As a result of this information being withheld from the market, Danske Bank ADRs traded at artificially inflated prices of more than $20 each during the Class Period.
If you suffered a loss in Danske you have until March 11, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff
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