New York, April 10, 2023 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Credit Suisse Group AG (“Credit Suisse” or the “Company”). CSand some officials. Class action, filed in United States of America District Court for the district New Jerseyand docketed under 23-cv-01297, is on behalf of a class consisting of all persons and entities other than the defendants who purchased or otherwise acquired Credit Suisse securities. December 1, 2022 and February 17, 2023Both dates inclusive (“Class Period”), seeking to recover damages for Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the 1934 “Exchange Act”) and Regulations 10 b-5 issued thereunder against the company and some of its high officials.
If you are a shareholder who purchased or otherwise acquired Credit Suisse securities during the Class Period, you have May 8, 2023 Ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint may be obtained at www.pomerantzlaw.com. To discuss this action, get in touch Robert S. Willoughby [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, at Ext. 7980. Inquiries by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
[Click here for information about joining the class action]
Credit Suisse, along with its subsidiaries, offers a variety of financial services Switzerland, EuropeThe Middle Eastern, AfricaAmerica and Asia Pacific. The company provides wealth management solutions including investment advisory and discretionary wealth management services; risk management solutions, such as managed investment products; and estate planning, succession planning, and trust services.
in October 2022Credit Suisse began experiencing a sharp increase in customer outflows, or withdrawals of customer funds, after the company’s American Depositary Shares (“ADS”) prices fell significantly following quarterly losses and a series of risk and compliance failures.
On December 1, 2022Chairman of Credit Suisse, Defendant Axel P. Lehman (“Lehmann”) said in an interview Financial Times That customer churn was not only “completely flat,” but in fact, “partially reversed.”
In an interview the next day Bloomberg TelevisionDefendant Lehman repeated its previous statements, reassuring investors November 11, 2022Customer exodus was “basically stopped”.
After defendant Lehman’s statement, the value of Credit Suisse’s ADSs increased $0.29 per ADS, or 9.36%, to close $3.38 per ADS December 2, 2022.
The complaint alleges that throughout the class period, the defendants made materially false and misleading statements regarding the company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) contrary to Defendant Lehman’s representations; December 2022Credit Suisse began to experience a sharp increase in customer outflows October 2022 continued; (ii) accordingly, Credit Suisse had mitigated the Company’s recent quarterly losses and the impact on liquidity and compliance failure and its ability to hold customer funds; (iii) as a result, Credit Suisse had overstated the Company’s financial position and/or prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On February 9, 2023, Credit Suisse issued a press release announcing its 2022 financial results. The press release revealed that, contrary to defendant Lehman’s previous assertions, large customer outflows continued through the end of 2022. In particular, the press release reported customer exodus. 110.5 billion Swiss francs In the last three months of 2022, a figure that far exceeded market expectations.
On this news, Credit Suisse’s ADS price fell $0.56 per ADS, or 15.64%, to close at $3.02 per ADS February 9, 2023.
Then, in February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority was reviewing defendant Lehman’s previous comments about client outflows.
On this news, Credit Suisse’s ADS price fell further $0.10 per ADS, or 3.31%, to close $2.92 per ADS February 21, 2023.
Pomerantz LLP, with offices New York, Chicago, Angels, London, Parisand Tel Aviv, is recognized as one of the leading firms in the fields of corporate, securities, and antitrust class action litigation. It has been established since late Abraham L. PomerantzKnown as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in its founding tradition, fighting for the rights of victims of mortgage fraud, breach of fiduciary duty, and corporate misconduct. The firm has recovered several million dollars in compensatory awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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Source Pomerantz LLP