Shareholder Class Action Filed Against Deutsche Bank AG by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP
April 17 2009 - 6:00PM
PR Newswire (US)
RADNOR, Pa., April 17 /PRNewswire/ -- The following statement was
issued today by the law firm of Barroway Topaz Kessler Meltzer
& Check, LLP: Notice is hereby given that a class action
lawsuit was filed in the United States District Court for the
Southern District of New York on behalf of all purchasers of the
7.60% Trust Preferred Securities of Deutsche Bank Contingent
Capital Trust III (the "Securities") (NYSE:DTK), who purchased or
otherwise acquired the Securities of Deutsche Bank AG ("Deutsche
Bank" or the "Company") pursuant or traceable to the Company's
February 2008 Offering (the "Offering"). If you wish to discuss
this action or have any questions concerning this notice or your
rights or interests with respect to these matters, please contact
Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check,
Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or
1-610-667-7706, or via e-mail at . The Complaint charges Deutsche
Bank and certain of its officers and directors, underwriters and
auditor with violations of the Securities Act of 1933. Deutsche
Bank AG, headquartered in Frankfurt, Germany, is a global
investment bank. More specifically, the Complaint alleges that the
Company failed to disclose and misrepresented the following
material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company improperly recorded
provisions for commercial real estate losses, credit losses, and
residential mortgage-backed securities; (2) that the Company was
not as well capitalized as it had stated; (3) that the Company
lacked adequate internal risk management systems; (4) that the
Company lacked adequate internal and financial controls; and (5) as
a result of the foregoing, the Company's Registration Statement was
false and misleading at all relevant times. On or about February
12, 2008, the Company completed the Offering pursuant to a false
and misleading Registration Statement and Prospectus (collectively
referred to as the "Registration Statement"). The Registration
Statement incorporated the Company's 2007 financial results and
certain statements made in the Company's 2006 Annual Report on Form
20-F filed with the SEC. The Offering was a financial success for
the Company, as it was able to raise over $1.75 billion by selling
70 million shares of the Securities to investors at a price of $25
per share. Subsequently, on January 14, 2009, Deutsche Bank
announced that it anticipated a loss after taxes of approximately
EUR 4.8 billion for the 2008 fiscal fourth quarter. Then on
February 5, 2009, the Company issued a press release announcing a
net loss of EUR 3.9 billion for fiscal year 2008 and a loss before
income taxes of EUR 5.7 billion. As a result of these disclosures,
the Securities declined significantly, closing on February 5, 2009
at $13.11. Plaintiff seeks to recover damages on behalf of class
members and is represented by the law firm of Barroway Topaz
Kessler Meltzer & Check which prosecutes class actions in both
state and federal courts throughout the country. Barroway Topaz
Kessler Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf
of institutional and individual investors from the United States
and around the world. For more information about Barroway Topaz
Kessler Meltzer & Check, or for additional information about
participating in this action, please visit http://www.btkmc.com/.
If you are a member of the class described above, you may, not
later than May 29, 2009, move the Court to serve as lead plaintiff
of the class, if you so choose. A lead plaintiff is a
representative party that acts on behalf of other class members in
directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member's claim is typical
of the claims of other class members, and that the class member
will adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the purported class may
move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member. CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP
Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia
Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at DATASOURCE: Barroway Topaz Kessler Meltzer &
Check, LLP CONTACT: Darren J. Check, Esq. or David M. Promisloff,
Esq., both of Barroway Topaz Kessler Meltzer & Check, LLP,
+1-888-299-7706 (toll free) or +1-610-667-7706, Web Site:
http;//http://www.btkmc.com/
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