Hagens Berman Opens Investigation into Goldman Sachs (GS) Officers and Directors' Possible Breaches of Fiduciary Duties on Behalf of Shareholders
SAN FRANCISCO, Dec. 19, 2018 /PRNewswire/ -- National investor-rights law firm Hagens Berman Sobol Shapiro LLP is investigating whether certain officers and directors of The Goldman Sachs Group Inc. (NYSE: GS) breached their fiduciary duties to shareholders in connection with a multibillion-dollar corruption scandal in Malaysia and Abu Dhabi. Concerned shareholders who purchased or otherwise acquired GS shares in 2012 or earlier should contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/GS
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
Recent reports indicate that the Attorney General of Malaysia, as well as two Abu Dhabi sovereign wealth funds, are each bringing claims against Goldman Sachs over its "central role" in a multibillion-dollar corruption scandal relating to bond sales that Goldman Sachs arranged and underwrote for 1Malaysia Development Berhad ("1MDB") in 2012 and 2013.
Malaysia has accused Goldman Sachs and two former Goldman employees of "grave violations" of its securities laws in connection with the 1MDB bonds. Meanwhile, Abu Dhabi's International Petroleum Investment Company (IPIC), and its subsidiary, Aabar Investments PJS (Aabar), accused Goldman Sachs of implicating IPIC in a scheme to launder money from 1MDB, and conspiring with others to bribe former executives of IPIC and Aabar, inducing them to "misuse the companies' names, networks, and infrastructures to further the criminal schemes and to personally benefit Goldman Sachs."
In a related development, the US Department of Justice (DOJ) has also announced that Tim Leissner, Goldman's former chairman of Southeast Asia, pleaded guilty to conspiring to launder money and conspiring to violate the Foreign Corrupt Practices Act through the payment of bribes to government officials in Malaysia and Abu Dhabi. According to the DOJ, a total of $4.5 billion was stolen from 1MDB by senior officials, with laundered funds pumped into New York condos, hotels, yachts, a jet, and used to fund movies such as "The Wolf of Wall Street."
"We are focused on possible violations of the Board of Directors' fiduciary duties towards shareholders, including, for instance, the details surrounding the reports of Chairman Lloyd Blankfein's private meeting with the Malaysian financier at the center of the country's fraud and bribery scandal," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Goldman Sachs should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article