Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Deutsche Bank Aktiengesellschaft (DB)

Friday, 11. September 2020 17:30

LOS ANGELES, Sept. 11, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 14, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Deutsche Bank Aktiengesellschaft (“Deutsche Bank” or the “Company”) (NYSE: DB) securities between November 7, 2017, and July 6, 2020, inclusive (the “Class Period”).

If you suffered a loss on your Deutsche Bank investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/deutsche-bank-aktiengesellschaft/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On May 13, 2020, media outlets reported that the Federal Reserve had 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, the Company’s share price fell $0.31 per share, or over 4%, 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 Jeffrey Epstein and two correspondent banks, Danske Estonia and FBME Bank, both of which were the subjects of prior scandals involving financial misconduct.

On this news, the Company’s share price fell $0.13 per share, or over 1%, to close at $9.82 per share on July 7, 2020.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that 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) that 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) that 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.

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If you purchased or otherwise acquired Deutsche Bank securities during the Class Period, you may move the Court no later than September 14, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

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