NEW YORK--(BUSINESS WIRE)--Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Swedbank AB (OTC: SWDBY, SWDBF) American Depositary Receipts from February 3, 2015 through February 19, 2019.
On February 20, 2019, The Wall Street Journal reported that, according to Swedish television, Swedbank had engaged in suspicious conduct suggestive of money laundering. Subsequently, on March 22, 2019, it was reported that Swedbank’s anti-money laundering compliance head had resigned. On March 27, 2018, the Swedish Economic Crime Authority raided Swedbank’s headquarters. On March 28, 2019, Swedbank’s President and CEO, Birgitte Bonnesen, was fired. On April 25, 2019, Swedbank admitted to “shortcomings in [its] anti-money laundering compliance” and announced it was cooperating with investigating authorities, including those in Sweden and the U.S.
As a result of this news, Swedbank’s ADRs have fallen over $6.50 per ADR since February 19, 2019 or by almost 35%.
Swedbank investors should contact Joshua Ruthizer at (212) 759-4600 or (877) 370-7703 or at email@example.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For further information, please visit www.wolfpopper.com.
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