Did you lose money on investments in Credit Suisse? If so, please visit瑞士信贷集团(Credit Suisse Group AG)股东集体诉讼wsuitor contactPeter Alloccoat (212) 951-2030or[email protected]to discuss your rights.
NEW YORK,March 27, 2023/PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Credit Suisse Group AG ("Credit Suisse" or the "Company") (NYSE:CS) betweenMarch 10, 2022andMarch 20, 2023, inclusive (the "Class Period"). The lawsuit was filed inthe United StatesDistrict Court for the District ofNew Jerseyand alleges violations of the Securities Exchange Act of 1934.
Credit Suisse, together with its subsidiaries, provides various financial services inSwitzerland,Europe, theMiddle East,Africa, the Americas, andAsia Pacific. The Company offers wealth management solutions, including investment advice and discretionary asset management services; risk management solutions, such as managed investment products; and wealth planning, succession planning, and trust services.
InOctober 2022, Credit Suisse began experiencing a sharp increase in customer outflows, or withdrawals of client funds, after a series of quarterly losses and risk and compliance failures significantly decreased the Company's American Depositary Share ("ADS") price.
OnDecember 1, 2022, Credit Suisse's Chairman, DefendantAxel P. Lehmann("Lehmann"), stated in an interview withFinancial Timesthat customer outflows had not only "completely flattened out," but had, in fact, "partially reversed."
The following day, in an interview withBloomberg Television, Defendant Lehmann reiterated his previous statements, reassuring investors that as ofNovember 11, 2022, customer outflows had "basically stopped".
Following Defendant Lehmann's statements, Credit Suisse's ADS price rose$0.29per ADS, or 9.36%, to close at$3.38per ADS onDecember 2, 2022.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) contrary to Defendant Lehmann's representations inDecember 2022, the sharp increase in customer outflows Credit Suisse began experiencing inOctober 2022保持持续的;(2)因此,瑞士信贷(Credit Suisse)had downplayed the impact of the Company's recent series of quarterly losses and risk and compliance failures on liquidity and its ability to retain client funds; and (iii) as a result, Credit Suisse had overstated the Company's financial position and/or prospects.
OnFebruary 9, 2023, Credit Suisse issued a press release announcing its 2022 financial results. The press release revealed that, contrary to Defendant Lehmann's prior statements, large customer outflows had continued through year-end 2022. Specifically, the press release reported customer outflows of110.5 billion Swiss francsin the final three months of 2022, a figure which far exceeded market expectations.
On this news, Credit Suisse's ADS price fell$0.56per ADS, or 15.64%, to close at$3.02per ADS onFebruary 9, 2023.
Then, onFebruary 21, 2023,Reutersreported that the Swiss Financial Market Supervisory Authority ("FINMA") was reviewing Defendant Lehmann's previous comments regarding customer outflows.
On this news, Credit Suisse's ADS price fell another$0.10per ADS, or 3.31%, to close at$2.92per ADS onFebruary 21, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later thanMay 8, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If youpurchased or acquired Credit Suisse securities, and/or would like to discuss your legal rights and optionsplease visit瑞士信贷集团(Credit Suisse Group AG)股东集体诉讼wsuitor contactPeter Alloccoat (212) 951-2030 or[email protected].
Since 1993, Bernstein Liebhard LLP has recovered over$3.5 billionfor its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street,New York, New York10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]
SOURCE Bernstein Liebhard LLP
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