PR Newswire | Sep 22, 2020 01:09PM EDT

Banks, Including HSBC Holdings PLC

09/22 12:08 CDT

Investor Alert: Kaplan Fox Investigates Alleged Money Laundering At Global Banks, Including HSBC Holdings PLC NEW YORK, Sept. 22, 2020

NEW YORK, Sept. 22, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of HSBC Holdings PLC. ("HSBC" or the "Company") (NYSE: HSBC).

On Sunday, September 20, 2020, BuzzFeed News reported that "secret U.S. government documents reveal that...HSBC and other big banks have defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world." Further according to BuzzFeed News, the records show that five global banks, including HSBC, "kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money."

Among other things, despite signing a deferred prosecution deal with prosecutors in 2012, the records obtained by BuzzFeed Newsshow that during the five-year probationary period, "HSBC continued to move money for questionable characters, including suspected Russian money launderers and a Ponzi scheme under investigation in multiple countries."

On September 21, 2020, the first trading day following the news, HSBC's shares fell by $1.09 per share, about 5.5%, to close at $18.64 per share on heavy trading volume.

If you purchased HSBC shares and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Frederic S. FoxKAPLAN FOX & KILSHEIMER LLP850 Third Avenue, 14th FloorNew York, New York 10022(646) 315-9003E-mail: ffox@kaplanfox.com

Laurence D. KingKAPLAN FOX & KILSHEIMER LLP1999 Harrison Street, Suite 1560Oakland, California 94612(415) 772-4704Fax: (415) 772-4707E-mail: lking@kaplanfox.com

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SOURCE Kaplan Fox & Kilsheimer LLP