MURRAY, FRANK & SAILER LLP Announces Class Action Lawsuit Against Deutsche Bank AG
NEW YORK (Businesswire) -- MURRAY, FRANK & SAILER LLP has filed a class action complaint, in the United States District Court for the Southern District of New York (No. 09-cv-2556), against Deutsche Bank AG ("DB" or the "Company"), certain of its subsidiaries, certain of its officers and directors, and its underwriters, on behalf of a class of: 1) purchasers or acquirers of the 6.625% Noncumulative Trust Preferred Securities of Deutsche Bank Capital Funding Trust IX (NYSE:DTT) pursuant to the public offering in July 2007, and/or 2) purchasers or acquirers of the 7.35% Noncumulative Trust Preferred Securities of Deutsche Bank Capital Funding Trust X (NYSE:DCE) pursuant to the public offering in November 2007.
The complaint alleges that defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 by issuing a materially false and misleading registration statement, prospectuses, and other documents. These documents failed to disclose risks that: (a) The Company failed to properly record provisions for credit losses, residential mortgage-backed securities, commercial real estate loans, and exposure to monoline insurers; (b) The Company's internal controls were inadequate to prevent it from improperly recording provisions for credit losses, residential mortgage-backed securities, commercial real estate loans, and the Company's exposure to monoline insurers; (c) The Company's internal risk management systems were inadequate to limit the Company's exposure to credit trading, equity derivatives, and proprietary equity trading; and (d) The Company was not as well-capitalized as represented, and, notwithstanding the billions of dollars raised in the Offerings, the Company would have to raise an additional €10 billion by selling equity in the Company to the German government.
Plaintiffs seek to recover damages on behalf of class members and are represented by MURRAY, FRANK & SAILER LLP, a law firm with extensive experience in prosecuting shareholder lawsuits.
If you are a member of the class described above, you may move the Court, not later than April 27, 2009, to serve as lead plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. If you purchased above-referenced preferred stock, or any other Deutsche Bank securities, and wish to discuss this action, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP