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") , 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 info@btkmc.com.
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 info@btkmc.com
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, info@btkmc.com
Web Site: http;//http://www.btkmc.com/
