NEW YORK, May 12, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed on
behalf of Deutsche Bank Aktiengesellschaft shareholders (“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 16-cv-03539, is on
behalf of a class consisting of all persons or entities who purchased or otherwise acquired Deutsche Bank securities between April
15, 2013 and April 29, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Deutsche Bank securities during the Class Period, you have until July 11,
2016 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 rswilloughby@pomlaw.com 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 number of shares purchased. Click here to join this action.
Deutsche Bank provides investment, financial, and related products and services worldwide.
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: (1) Deutsche Bank has serious and systemic failings in its controls against
financing terrorism, money laundering, aiding against international sanctions, and committing financial crimes; (2) Deutsche Bank’s
internal control over financial reporting and its disclosure controls and procedures were not effective; and (3) as a result,
Deutsche Bank’s public statements were materially false and misleading at all relevant times.
On July 22, 2014, The Wall Street Journal published an article entitled “Deutsche Bank Suffers From
Litany of Reporting Problems, Regulators Said”, stating that the Federal Reserve Bank of New York found that the Company’s U.S.
operations suffered from a litany of serious financial-reporting problems that the Company had known about for years but not
fixed.
On this news, shares of Deutsche Bank fell $1.05 per share or approximately 3% from its previous closing price
to close at $34.80 per share on July 22, 2014, damaging investors.
Over the next two years, more compliance issues at Deutsche Bank came to light, as media outlets and the Company
reported investigations by regulators and an internal probe by Deutsche Bank into possible money laundering by Russian clients,
causing Deutsche Bank’s share price to fall and damaging investors. Finally, on May 1, 2016, The Financial Times published
an article entitled “FCA warns Deutsche on ‘serious’ financial crime control issues”, stating that the United Kingdom’s Financial
Conduct Authority (“FCA”) sent a letter to Deutsche Bank on March 2, 2015, accusing it of having “serious” and “systemic” failings
in its controls against financing terrorism, money laundering, aiding against international sanctions, and committing financial
crimes. The FCA stated that its investigation uncovered, among other things, incomplete documentations, lack of monitoring, and
influencing staff to take actions related to specific clients, which all amounted to a “serious” and “systemic” controls failure.
On May 1, 2016, Bloomberg published a similar article entitled “Deutsche Bank Said to Be Faulted by FCA Over Lax Client
Vetting”, stating that the FCA faulted the Company for “serious” lapses in efforts to thwart money laundering and criticized the
Company’s ability to verify client’s abilities and goals, or ensure that it wasn’t aiding organizations subject to international
sanctions.
On this news, shares of Deutsche Bank fell $1.62 per share or approximately 9% over the next two trading days to
close at $17.34 per share on May 3, 2016, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com