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Deutsche Bank Aktiengesellschaf
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Deutsche Bank Aktiengesellscahf (“Deutsche Bank” or the “Company”) (NYSE: DB) between November 7, 2017 and July 6, 2020 (the “Class Period”).
If you purchased Deutsche Bank securities and/or would like to discuss your legal rights and options please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Deutsche Bank Aktiengesellscahf (“Deutsche Bank” or the “Company”) (NYSE: DB) between November 7, 2017 and July 6, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the District of New Jersey alleges violations of the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) Deutsche Bank had failed to remediate deficiencies related to AML, its disclosure controls, 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, including, among others, the convicted sex offender Jeffrey Epstein (“Epstein”) and two correspondent banks, Danske Estonia and FBME Bank, which were both the subjects of prior scandals involving financial misconduct; (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.
On May 13, 2020, media outlets reported that the Federal Reserve had sharply criticized Deutsche Bank’s U.S. operations in an internal audit. The audit reportedly found that Deutsche Bank failed to address multiple concerns identified years earlier, including concerns related to the Bank’s 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 Epstein and two correspondent banks. 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.
If you wish to serve as lead plaintiff, you must move the Court no later than September 14, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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