NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against Deutsche Bank Aktiengesellschaft (“Deutsche Bank” or the “Company”) (NYSE: DB) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 18-cv-05104, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Deutsche Bank securities between March 20, 2017 through May 30, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Deutsche Bank securities between March 20, 2017, and May 30, 2018, both dates inclusive, you have until August 6,, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Deutsche Bank is a global financial service provider delivering commercial, investment, private, and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management, and corporate investments.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Deutsche Bank’s internal control environment and infrastructure were materially weak and deficient; and (ii) as a result, Deutsche Bank’s statements about the Company’s business and operations were materially false and misleading at all relevant times.
On May 31, 2018, the Wall Street Journal reported that the U.S. Federal Reserve has designated Deutsche Bank’s U.S. business to be in “troubled condition,” citing concerns “about its controls around measuring financial exposure to clients and valuing collateral that backed loans.” The article further reported that the Federal Deposit Insurance Corporation has added Deutsche Bank’s subsidiary Deutsche Bank Trust Company Americas to its “problem banks” list of at-risk institutions.
On this news, Deutsche Bank’s share price fell $0.49, or 4.24%, to close at $11.08 on May 31, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com