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Swedbank AB (OTC: SWDBY, SWDBF)

Securities Class Action

  • Date:
  • 6/10/2019
  • Company Name:
  • Swedbank AB
  • Stock Symbol:
  • SWDBY, SWDBF
  • Status:
  • Investigating

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NEW YORK, June 10, 2019 – Bragar Eagel & Squire, P.C. is investigating potential claims against Swedbank AB (OTC: SWDBY, SWDBF) on behalf of purchasers of Swedbank American Depository Receipts (“ADRs”).  Our investigation concerns whether Swedbank has violated the federal securities laws and/or engaged in other unlawful business practices.

On February 20, 2019, The Wall Street Journal reported that, according to Swedish television, Swedbank had engaged in suspicious conduct suggestive of money laundering. Subsequently, on March 22, 2019, it was reported that Swedbank’s anti-money laundering compliance head had resigned. On March 27, 2018, the Swedish Economic Crime Authority raided Swedbank’s headquarters. On March 28, 2019, Swedbank’s President and CEO, Birgitte Bonnesen, was fired. On April 25, 2019, Swedbank admitted to “shortcomings in [its] anti-money laundering compliance” and announced it was cooperating with investigating authorities, including those in Sweden and the U.S.

As a result of this news, Swedbank’s ADRs have fallen over $6.50 per ADR since February 19, 2019 or by almost 35%.

If you purchased or otherwise acquired Swedbank ADRs and have suffered a loss, 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 investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Swedbank AB. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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