Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Credit Suisse Group AG
The Credit Suisse class action lawsuit was filed in the Southern District of New York and is captioned City of St. Clair Shores Police and Fire Retirement System v. Credit Suisse Group AG, No.
Robbins Geller Rudman & Dowd LLP (https://www.rgrdlaw.com/cases-credit-suisse-group-ag-class-action-lawsuit.html) today announced that it filed a class action on behalf of an institutional investor seeking to represent purchasers of Credit Suisse (NYSE:CS) American Depositary Receipts (“ADRs”) between October 29, 2020 and March 31, 2021 (the “Class Period”) (the “Credit Suisse class action lawsuit”). The Credit Suisse class action lawsuit was filed in the Southern District of New York and is captioned City of St. Clair Shores Police and Fire Retirement System v. Credit Suisse Group AG, No. 21-cv-03385.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Credit Suisse ADRs during the Class Period to seek appointment as lead plaintiff in the Credit Suisse class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Credit Suisse class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Credit Suisse class action lawsuit. An investor’s ability to share in any potential future recovery of the Credit Suisse class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff in the Credit Suisse class action lawsuit, you must move the Court no later than 60 days from today. If you wish to discuss the Credit Suisse class action lawsuit or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Brian E. Cochran of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at [email protected]. You can view a copy of the complaint as filed at https://www.rgrdlaw.com/cases-credit-suisse-group-ag-class-action-lawsuit.html.
The Credit Suisse class action lawsuit charges Credit Suisse and certain of its executives with violations of the Securities Exchange Act of 1934. Credit Suisse is a global financial services company based in Zurich, Switzerland.
The Credit Suisse class action lawsuit alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business metrics and financial prospects. Specifically, defendants concealed material defects in the Company’s 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.
As a result of defendants’ false statements, Credit Suisse ADRs traded at artificially inflated prices, reaching a high of $14.95 per ADR by February 2021.
Subsequently, Credit Suisse revealed billions of dollars in losses tied to the collapse of its Greensill-linked funds and the implosion of total return swap positions Credit Suisse had entered into with Archegos. These corporate scandals have revealed grave deficiencies in Credit Suisse’s risk and compliance activities, causing the price of Credit Suisse ADRs to plummet, reaching a low of just $10.60 per ADR by March 31, 2021.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. ISS Securities Class Action Services has ranked Robbins Geller as one of the top law firms in the world in both amount recovered and total number of class action settlements for shareholders every year since 2010. The SCAS 2020 Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other plaintiffs’ firm. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.
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