|Company name||Deutsche Bank Aktiengesellschaft|
|Status||Class Action Complaint Filed|
NEW YORK, July 29, 2020 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of investors that purchased Deutsche Bank Aktiengesellschaft (NYSE: DB) securities between November 7, 2017 and July 6, 2020 (the “Class Period”). Investors have until September 14, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On May 13, 2020, media outlets reported that the U.S. Federal Reserve had sharply criticized Deutsche Bank’s U.S. operations in an internal audit. The audit reportedly found that Deutsche Bank had failed to address multiple concerns identified years earlier, including concerns related to the bank’s anti-money laundering (“AML”) and other control procedures.
On this news, the value of Deutsche Bank’s ordinary shares fell $0.31 per share, or 4.49%, to close at $6.60 per share on May 13, 2020.
Then, on July 7, 2020, the Federal Reserve’s criticism of Deutsche Bank’s failure to address its AML and other issues was reaffirmed when the New York State Department of Financial Services fined the bank $150 million for neglecting to flag numerous questionable transactions from accounts associated with sex-offender Jeffrey Epstein and with two correspondent banks, Danske Estonia and FBME Bank, both of which were the subjects of prior scandals involving financial misconduct.
On this news, the value of Deutsche Bank’s ordinary shares fell $0.13 per share, or 1.31%, to close at $9.82 per share on July 7, 2020
The complaint, filed on July 15, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the bank’s business, operational, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Deutsche Bank had failed to remediate deficiencies related to AML, its disclosure controls, and procedures and internal control over financial reporting, and its U.S. operations’ troubled condition; (ii) as a result, the bank failed to properly monitor customers that the bank itself deemed to be high risk; (iii) the foregoing, once revealed, was foreseeably likely to have a material negative impact on the bank’s financial results and reputation; and (iv) as a result, the bank’s public statements were materially false and misleading at all relevant times.
If you purchased Deutsche Bank securities during the Class Period, have information, 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 Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.