TMCnet News
DANSKE BANK ADR INVESTOR ALERT: USMA Announces Proposed Securities Fraud Class Action Against Danske Bank A/SU.S. Market Advisors Law Group PLLC (USMA) is preparing for the filing of a securities fraud class action against Danske Bank A/S on behalf of investors that traded Danske Bank American Depositary Receipts (ADRs) (OTC:DNKEY) between February 4, 2014 and November 9, 2018. The proposed class action complaint alleges Danske Bank violated federal securities laws in connection with an ongoing $230 billion money laundering investigation. Danske Bank investors that experienced losses should contact USMA (www.usmarketlaw.com) to participate in the action and review the proposed complaint before it is filed. USMA Law Group has spent months investigating Danske Bank, which involved working and consulting with sources in Danske Bank's home country of Denmark. The 70-page proposed complaint the law firm has prepared details its findings and investors' claims for losses. The Managing Attorney of USMA Law Group is available to answer investors' questions about the investigation andallegations against Danske Bank: David P. Abel: (202) 274-0237; [email protected]. There is no obligation or cost to discuss the matter. According to the proposed complaint, Danske Bank made false and misleading statements and failed to disclose: (i) Danske Bank's internal controls related to anti-money laundering (AML) were materially weak, deficient and frequently disregarded; (ii) Danske Bank's Board of Directors and Executive Board failed to monitor for and address money laundering activities; and (iii) Danske Bank's AML operations did not comply with applicable laws. Through a series of partial disclosures, Danske Bank's investors began to learn the truth about the bank's operations and money laundering exposure. These revelations include: (i) a May 3, 2018 report from Denmark's financial authority detailing how Danske Bank has "historically not lived up to its obligations in the AML area"; (ii) a September 19, 2018 internal investigation report from Danske Bank admitting AML failures and that the probe encompasses more than $230 billion in transactions; and (iii) an October 4, 2018 announcement that Danske Bank was speaking with U.S. authorities about the money laundering scandal and had received a request for information from the Department of Justice. As a result of the cascading negative disclosures, Danske Bank's ADR price declined by nearly 50% between February 2018 and October 2018, causing severe harm to investors. About USMA USMA is a national law firm based in the District of Columbia. The law firm represents investors in antitrust, securities and shareholder litigation. Visit www.usmarketlaw.com to learn more. Attorney Advertising View source version on businesswire.com: https://www.businesswire.com/news/home/20181112005159/en/ |
