SAN FRANCISCO, May 17, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts Deutsche Bank AG (NYSE:DB) investors to the newly-filed securities class action lawsuit and the July 11, 2016 lead plaintiff deadline.
If you suffered significant losses because of your purchases of Deutsche Bank between April 15, 2013 and April 29, 2016, or have information that will help our investigation, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing DB@hbsslaw.com or visiting https://www.hbss.aw.com/cases/DB . The lawsuit was filed in the U.S. District Court for the Southern District of New York and investors have until July 11, 2016 to move the court to participate as a lead plaintiff.
The litigation concerns revelations beginning in the 2015 summer that Deutsche Bank and the U.S. Department of Justice were investigating billions of dollars of trades made on behalf of Russian clients. The probes focused on “mirror trades” from 2011 through early 2015, potentially allowing Russian clients to move funds out of the country without properly alerting authorities.
Deutsche Bank announced on October 29, 2015 that it found violations of internal policies and identified weaknesses in its oversight regime during its probe into the so-called mirror trades, possibly allowing Russian clients to illegally move money out of the country. Deutsche Bank share price fell approximately 8%.
Then beginning April 14, 2016, a series of articles were published reporting a systemic failure in internal controls at the bank; that those critical deficiencies allowed a suspected money-laundering pattern to pump as much as $10 billion out of Russia from 2012 through 2014.; and that warnings went to the bank's compliance, financial-crimes and money laundering watchdogs in London and New York. Shortly after these articles, Deutsche Bank’s supervisory board member Georg Thoma, who was brought in to help clean up the bank, stepped down, and news leaked that the United Kingdom’s Financial Conduct Authority sent a letter to the bank on March 2, 2016 warning the Bank of these issues.
“Strong internal controls are essential in the bank sector and elsewhere to protect investors by ensuring senior management and all employees comply with internal policies and procedures as well as with applicable law,” said Hagens Berman partner Reed Kathrein. “It appears here that Deutsch Bank knew those controls were deficient and covered it up.”
Whistleblowers: Persons with non-public information regarding Deutsche Bank should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email DB@hbsslaw.com.
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