Danske Bank A/S (DNKEY)
Hagens Berman Sobol Shapiro LLP updates investors in Danske Bank A/S (OTC PINK: DNKEY) to the firm's investigation into possible disclosure violations.
If you purchased or otherwise acquired Danske Bank ADRs between September 18, 2013 and September 18, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing DNKEY@hbsslaw.com.
Danske Bank has acknowledged that “major deficiencies in controls and governance […] made it possible to use Danske Bank’s branch in Estonia for criminal activities such as money laundering.”
During the last two months, the press has reported that law enforcement authorities want to know why Danske’s tiny branch processed billions of dollars during 2007 through 2015 from foreign countries, mainly Russia.
The Company recently reported its CEO resigned and millions of potentially suspicious transactions, valued at about $234 billion, were funneled through Estonia.
Reuters reported on October 4, 2018 that the Company faces a U.S. criminal investigation in addition to those being conducted by Britain’s National Crime Agency and others.
In response, the price of Danske ADRs has steeply fallen this year.
“We’re focused on investors’ losses, Danske’s admitted insufficient controls, senior executives’ departures, senior management’s reported knowledge, 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.
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