Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Credit Suisse Group AG who purchased shares between October 29, 2020 and March 31, 2021.
Credit Suisse and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The lawsuit alleges that during the Class Period the Company issued materially false and misleading statements regarding its business metrics and financial prospects. Specifically, the Company concealed material defects in its risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital (“Greensill”) and Archegos Capital Management (“Archegos”), exposing the Company to billions of dollars in losses. Subsequently, as the Company disclosed billions of dollars in losses tied to the collapse of its Greensill-linked funds and the implosion of total return swap positions it had entered into with Archegos, the price of Credit Suisse ADRs to plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 15, 2021 to request that the court appoint them lead plaintiff.