NEW YORK, May 27, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed on behalf of
shareholders of Deutsche Bank AG ("Deutsche Bank" or the "Company")
(NYSE: DB) and against certain of its officers. The
class action, filed in United States District Court, Southern
District of New York, and docketed
under 16-cv-03539, is on behalf of a class consisting of all
persons or entities who purchased or otherwise acquired Deutsche
Bank securities between April 15,
2013 and April 29, 2016
inclusive (the "Class Period"). This class action seeks to
recover damages against Defendants for alleged violations of the
federal securities laws under the Securities Exchange Act of 1934
(the "Exchange Act").
If you are a shareholder who purchased Deutsche Bank securities
during the Class Period, you have until July
11, 2016 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased. Click here to join this action.
Deutsche Bank provides investment, financial, and related
products and services worldwide.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Specifically, Defendants made false and/or
misleading statements and/or failed to disclose that: (1) Deutsche
Bank has serious and systemic failings in its controls against
financing terrorism, money laundering, aiding against international
sanctions, and committing financial crimes; (2) Deutsche Bank's
internal control over financial reporting and its disclosure
controls and procedures were not effective; and (3) as a result,
Deutsche Bank's public statements were materially false and
misleading at all relevant times.
On July 22, 2014, The Wall
Street Journal published an article entitled "Deutsche Bank
Suffers From Litany of Reporting Problems, Regulators Said",
stating that the Federal Reserve Bank of New York found that the Company's U.S.
operations suffered from a litany of serious financial-reporting
problems that the Company had known about for years but not
fixed.
On this news, shares of Deutsche Bank fell $1.05 per share or approximately 3% from its
previous closing price to close at $34.80 per share on July
22, 2014, damaging investors.
Over the next two years, more compliance issues at Deutsche Bank
came to light, as media outlets and the Company reported
investigations by regulators and an internal probe by Deutsche Bank
into possible money laundering by Russian clients, causing Deutsche
Bank's share price to fall and damaging investors. Finally,
on May 1, 2016, The Financial
Times published an article entitled "FCA warns Deutsche on
'serious' financial crime control issues", stating that the
United Kingdom's Financial Conduct
Authority ("FCA") sent a letter to Deutsche Bank on March 2, 2015, accusing it of having "serious"
and "systemic" failings in its controls against financing
terrorism, money laundering, aiding against international
sanctions, and committing financial crimes. The FCA stated that its
investigation uncovered, among other things, incomplete
documentations, lack of monitoring, and influencing staff to take
actions related to specific clients, which all amounted to a
"serious" and "systemic" controls failure. On May 1, 2016, Bloomberg published a similar
article entitled "Deutsche Bank Said to Be Faulted by FCA Over Lax
Client Vetting", stating that the FCA faulted the Company for
"serious" lapses in efforts to thwart money laundering and
criticized the Company's ability to verify client's abilities and
goals, or ensure that it wasn't aiding organizations subject to
international sanctions.
On this news, shares of Deutsche Bank fell $1.62 per share or approximately 9% over the next
two trading days to close at $17.34
per share on May 3, 2016, damaging
investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP