NEW YORK, NY - (NewMediaWire) - July 20, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Deutsche Bank Aktiengesellschaft (“Deutsche Bank” or the “Company”) (NYSE:DB) of the September 14, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Deutsche Bank stock or options between November 7, 2017 and July 6, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/DB. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Deutsche Bank securities between November 7, 2017 and July 6, 2020 (the “Class Period”). The case, Karimi v. Deutsche Bank Aktiengesellschaft et al., No. 20-cv-08978 was filed on July 15, 2020, and has been assigned to Judge Esther Salas.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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; (2) 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; (3) the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank’s financial results and reputation; and (4) as a result, the Bank’s public statements were materially false and misleading at all relevant times.
Specifically, 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 had failed to address multiple concerns identified years earlier, including concerns related to the Bank’s AML and other control procedures.
On this news, Deutsche Bank stock fell from a closing price of $6.91 per share on May 12, 2020 to $6.60 per share on May 13, 2020—a $0.31 or 4.49% drop.
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 (“DFS”) fined the Bank $150 million for neglecting to flag numerous questionable transactions from accounts associated with 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, Deutsche Bank stock fell from a closing price of $9.95 per share on July 6, 2020 to $9.82 per share on July 7, 2020—a $0.13 or 1.31% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Deutsche Bank‘s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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