Hagens Berman Updates Investors in Danske Bank A/S (DNKEY) Concerning the Firm's Ongoing Investigation of Possible Disclosure Violations and Recently Reported U.S. Law Enforcement Inquiry
09/14/2018 | 02:52pm EST
SAN FRANCISCO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP updates investors in Danske Bank A/S (DNKEY) concerning the firm’s investigation into possible disclosure violations. If you purchased or otherwise acquired Danske Bank ADRs between August 30, 2013 and September 13, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
On July 18, 2018, Danske stated it will forgo profits made from suspicious transactions in Estonia, driving the price of Danske ADRs down $1.43, or over 9%, to close at $13.81 that day.
When Reuters reported on September 4, 2018 that Danske handled up to $30 billion of Russian and ex-Soviet money via its Estonian branch in 2013 alone, the price of Danske ADRs fell about 6.5% to close at $13.73.
When the Wall Street Journal reported $150 billion that flowed through its Estonian outpost are being studied, Danske ADRs traded down over 5% to close at $13.65 on September 7, 2018.
Today, the WSJ reported the U.S. Justice Department, Treasury, and SEC are investigating the bank. The price of Danske ADRs fell as much as 3%.
“We’re focused on investors’ losses, Danske’s admitted insufficient controls, the compliance officer’s resignation, and the extent to which the Company may have reported illegally earned profits in several years’ of financial reports,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Danske Bank should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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 DNKEY@hbsslaw.com.
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