Credit Suisse Group AG Class Action Lawsuit - CS
Case Summary
Investors who suffered a loss and would like to learn more, click here to contact us.
The Credit Suisse class action lawsuit seeks to represent purchasers or acquirers of Credit Suisse Group AG (NYSE: CS) additional tier-one bonds (“AT1 Bonds”) in a domestic transaction in the United States between February 18, 2021 and March 20, 2023, both dates inclusive (the “Class Period”). Captioned Core Capital Partners, Ltd. v. Credit Suisse Group AG, No. 23-cv-09287 (S.D.N.Y.), the Credit Suisse class action lawsuit charges Credit Suisse and certain of its top former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Credit Suisse class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: Credit Suisse, together with its subsidiaries, provides various financial services internationally.
The Credit Suisse class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the sharp increase in customer outflows that Credit Suisse began experiencing in October 2022 remained ongoing; (ii) accordingly, Credit Suisse had downplayed the impact of Credit Suisse’s recent series of quarterly losses and risk and compliance failures on liquidity and its ability to retain client funds; (iii) Credit Suisse maintained deficient disclosure controls and procedures, and there were material weaknesses in Credit Suisse’s internal controls over financial reporting; (iv) as a result, Credit Suisse had overstated its financial position and/or prospects; and (v) contrary to defendants’ representations, Credit Suisse failed to implement meaningful changes to its risk management and/or control governance procedures and/or policies, which were severely lacking throughout and prior to the Class Period.
The Credit Suisse class action lawsuit further alleges that on November 23, 2022, Credit Suisse disclosed that customers had withdrawn approximately 10% of all assets under management as of the end of the third quarter of 2022 and that Credit Suisse expected to incur a substantial loss of approximately CHF 1.5 billion in the fourth quarter of 2022. The Credit Suisse class action lawsuit alleges that on this news, the price of Credit Suisse series DD33, BZ62, and CV40 AT1 Bonds fell.
The Credit Suisse class action lawsuit further alleges that on February 20, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority (“FINMA”) was reviewing defendant, CEO Axel P. Lehmann’s previous comments in which he stated that customer outflows had not only “completely flattened out,” but had, in fact, “partially reversed.” The Credit Suisse class action lawsuit alleges that on this news, the price of Credit Suisse series DD33, BZ62, and CV40 AT1 Bonds fell.
The Credit Suisse class action lawsuit further alleges that on March 14, 2023, Credit Suisse disclosed material weaknesses in Credit Suisse’s internal controls and procedures. The Credit Suisse class action lawsuit alleges that on this news, the price of Credit Suisse series DD33, BZ62, and CV40 AT1 Bonds fell.
The Credit Suisse class action lawsuit further alleges that on March 15, 2023, Reuters published an article titled “Credit Suisse’s biggest backer says can’t put up more cash; share down by a fifth,” citing Saudi National Bank would not buy any more Credit Suisse shares on regulatory grounds. The Credit Suisse class action lawsuit alleges that on this news, the price of Credit Suisse series DD33, BZ62, and CV40 AT1 Bonds fell.
The Credit Suisse class action lawsuit further alleges that on March 20, 2023, Credit Suisse confirmed that FINMA had approved a takeover of Credit Suisse by UBS Group AG. According to the complaint, CNBC reported that Credit Suisse AT1 Bondholders would “see investments worth 16 billion Swiss francs ($17 billion) become worthless” as a result of AT1 Bonds being written down to zero in connection with the merger. The Credit Suisse class action lawsuit alleges that on this news, the price of Credit Suisse series DD33, BZ62, and CV40 AT1 Bonds fell.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Credit Suisse AT1 Bonds in a domestic transaction in the United States during the Class Period to seek appointment as lead plaintiff of 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 is not dependent upon serving as lead plaintiff of the Credit Suisse class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.