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Case Status:    ONGOING    
On or around 06/18/2019 (Ongoing date of last review)

Filing Date: January 09, 2019

According to the Complaint, Danske Bank, headquartered in Copenhagen, Denmark, provides various personal banking, business banking, corporate and institutional, and wealth management products and services, along with mortgage finance, real-estate brokerage, foreign exchange and equity services, and also trades in fixed income products. The Company operates 280 branches in eight countries, with operations in Denmark, Finland, Sweden, Norway, Ireland, the United Kingdom, and internationally.

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding Danske Bank’s business and operations. Specifically, the Complaint alleges that Defendants failed to disclose that: (i) Danske Bank’s Estonian branch was facilitating money laundering through at least March 2016; (ii) that a whistleblower had reported the Estonian money laundering to the Company in 2013; (iii) that Denmark’s Financial Supervisory Authority (the “DFSA”) had been investigating the Estonian money laundering since 2014; (iv) that Danske Bank had concealed the results of its own internal investigation from the DFSA, further exposing it to regulatory action and fines; (v) that Danske Bank had been overstating its historical profits by including the profits derived from its illicit Estonian operations; and (vi) that Danske Bank lacked effective internal and reporting controls.

On March 22, 2019, the Court issued an Order appointing Co-Lead Plaintiffs and Co-Lead Counsel. Plaintiffs filed an amended Complaint on April 26. On May 14, Plaintiffs filed a second amended Complaint.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: Other

SECURITIES INFORMATION:

Ticker Symbol: DNKEY
Company Market: OTC-BB
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 #: 19-CV-00235
JUDGE: Hon. Valerie E. Caproni
DATE FILED: 01/09/2019
CLASS PERIOD START: 01/09/2014
CLASS PERIOD END: 10/23/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 19-CV-00235
JUDGE: Hon. Valerie E. Caproni
DATE FILED: 05/14/2019
CLASS PERIOD START: 01/09/2014
CLASS PERIOD END: 04/29/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  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 ·
No Document Title Filing Date
—Related District Court Filings Data is not available