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Case Status:    SETTLED
On or around 01/06/2014 (Ongoing date of last review)

Filing Date: June 21, 2011

According to a press release dated June 21, 2011, Defendants and certain of its officers and directors violated certain sections of the Securities Exchange Act of 1934. During the Class Period, Defendants issued materially false and misleading statements regarding the Company's business and financial results and concealed the Company's failure to write down impaired securities containing mortgage-related debt. As a result of Defendants' false statements, the underlying shares traded at artificially inflated prices during the Class Period, reaching a high of $159.59 per share in May 2007. Later, the Defendant’s shares declined as it reported billions of dollars in losses, many of which were directly or indirectly related to mortgage-backed securities.

Recently, the US Department of Justice sued the Defendant for misrepresentations about its mortgage loans.
According to the complaint, the true facts, which were known by the Defendants but concealed from the investing public during the Class Period, were as follows: (a) defendants failed to record adequate provisions for losses on the deterioration in mortgage assets and collateralized debt obligations on Defendant's books caused by the high amount of non-collectible mortgages included in the Defendant’s portfolio; (b) the Defendant’s subsidiary was issuing and had issued billions of dollars of mortgage loans which did not comply with stated lending practices, leading to thousands of defaults; (c) the Defendant’s internal controls were inadequate to ensure that losses on residential mortgage-related assets were accounted for properly; and (d) the Defendant had transferred billions of dollars in defaulting, or soon-to-default, mortgages to unwitting investors and government programs due to its disregard of adverse findings by outside consultants, company said.

On December 2, 2011, the Court issued an order appointing lead plaintiff and approving the selection of lead counsel.

On June 1, 2012, plaintiffs filed an amended complaint.

On March 27, 2013, the Court issued an Order denying the defendants' motion to dismiss as to issuer defendant and certain individual defendants. The motion was granted as to a separate individual defendant.

On October 29, 2013, the Court issued an Order denying the plaintiffs' motion to certify the proposed class.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: Germany

SECURITIES INFORMATION:

Ticker Symbol: DB
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 11-CV-04209
JUDGE: Hon. Barbara S. Jones
DATE FILED: 06/21/2011
CLASS PERIOD START: 01/03/2007
CLASS PERIOD END: 01/16/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  3. Robert M. Cheverie & Associates
    Commerce Center One, 333 E. River Drive, Suite 101, Robert M. Cheverie & Associates, CT 06108
    860.290.9610 860.290.9610 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-04209
JUDGE: Hon. Barbara S. Jones
DATE FILED: 06/01/2012
CLASS PERIOD START: 01/03/2007
CLASS PERIOD END: 01/16/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date