Scott+Scott Attorneys at Law LLP Announces Investigation into Swedbank AB (SWDBY)

NEW YORK, April 18, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, is investigating whether Swedbank AB ("Swedbank" or the "Company") SWDBY or certain of its officers and directors violated federal securities laws.  If you purchased Swedbank ADRs, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.

On or around February 20, 2019, a Swedish TV program reported that it had uncovered documents linking Swedbank to a money laundering scandal with Denmark's Danske Bank and alleged that at least 40 billion Swedish crowns ($4.25 billion) had moved between Swedbank and Danske Bank accounts between 2007 and 2015, and Estonian prosecutors confirmed that they were "checking out the claims as part of [their] Danske investigation."

On this news, Swedbank's ADRs fell $3.09, or nearly 14%, to close at $19.57 on February 20, 2019.

On March 27, 2019, Reuters reported that Sweden's Economic Crime Authority (EBM) had searched Swedbank's head office and "widened its ongoing probe to include suspected aggravated fraud" and that the Company is also under investigation by the New York Department of Financial Services (DFS).

On this news, Swedbank's ADRs fell $2.96, or nearly 16%, to close at $15.88 on March 27, 2019.

On March 28, 2019, news outlets reported that Swedbank fired its CEO, Birgitte Bonnesen, for reasons related to the money laundering allegations. 

What You Can Do

If you purchased Swedbank ADRs, and you wish to discuss this investigation, please contact attorney Rhiana Swartz at (844) 818-6980, or at rswartz@scott-scott.com, or visit the Swedbank investigation page on our website at https://scott-scott.com/investigation/swedbank-ab/.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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CONTACT:

Rhiana Swartz

Scott+Scott Attorneys at Law LLP

230 Park Ave, 17^th Fl, NY, NY 10169

(844) 818-6980

rswartz@scott-scott.com 

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SOURCE Scott+Scott Attorneys at Law LLP