STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Deutsche Bank AG (NYSE: DB) (“Deutsche Bank” or the “Company”) securities during the period between April 15, 2013 through April 29, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until July 11, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Deutsche Bank securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company had serious and systemic failings in its controls against financing terrorism, money laundering, aiding against international sanctions, and committing financial crimes and had ineffective internal control over financial reporting.
According to the complaint, following a July 22, 2014 article announcing that the Federal Reserve Bank of New York found that the Company’s U.S. operation suffers from serious financial reporting problems, a series of articles from June 5, 2015 through April 14, 2016 regarding alleged money laundering by Russian clients and failures in internal controls meant to prevent money laundering, an April 28, 2016 article announcing that the Chairman of the Supervisory Board of Integrity Committee was stepping down, and two May 1, 2016 articles announcing that the Financial Conduct Authority (“FCA”) accused the Company of having serious failings in its internal controls and announcing that the FCA faulted the Company for lapses in efforts to thwart money laundering, the value of Deutsche Bank shares declines significantly.
If you have suffered a loss from investment in Deutsche Bank securities purchased on or after April 15, 2013, and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.