HSBC Holdings plc (ADR) (NYSE:HSBC) Investor Investigation Over Potential Securities Laws Violations Announced

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Company Name(s): 
HSBC Holdings
Affected Securities: 

An investigation on behalf of investors of HSBC Holdings plc (ADR) (NYSE:HSBC) shares over potential securities laws violations by HSBC Holdings plc and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of HSBC Holdings plc (ADR) (NYSE:HSBC) concerning whether a series of statements by HSBC Holdings plc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On October 19, 2017, media outlets reported that the U.K. Financial Conduct Authority ("FCA") is investigating whether HSBC Holdings plc facilitated money laundering in connection with the family of South African businessman Atul Gupta. The FCA probe followed a letter by Peter Hain, a member of the U.K.'s House of Lords, raising concerns that illicit funds connected to the Gupta family have passed through the United Arab Emirates and Hong Kong, both significant markets for HSBC Holdings plc.

Shares of HSBC Holdings plc (ADR) (NYSE:HSBC) closed on October 19, 2017 at $49.19 per share.