Credit Suisse Class Action Lawsuit
- Company Name
- Credit Suisse
- Stock Symbol
- Class Period
- October 29, 2020 to March 31, 2021
- Motion Deadline
- June 15, 2021
- Southern District of New York
Robbins Geller Rudman & Dowd LLP filed a class action lawsuit charging Credit Suisse Group AG (NYSE:CS) (“Credit Suisse”) and certain of Credit Suisse’s executives with violations of the Securities Exchange Act of 1934 and seeks to represent investors who purchased or otherwise acquired Credit Suisse American Depositary Receipts (“ADRs”) between October 29, 2020 and March 31, 2021 (the “Class Period”). The Credit Suisse class action lawsuit was commenced on April 16, 2021 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.
Credit Suisse is a global financial services company based in Zurich, Switzerland. Credit Suisse has branch offices in the United States and around the globe, and its ADRs are listed and trade on the New York Stock Exchange (“NYSE”).
The Credit Suisse class action lawsuit alleges that, throughout the Class Period, defendants concealed material defects in Credit Suisse’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital and Archegos Capital Management, exposing Credit Suisse to billions of dollars in losses. Not only did defendants conceal these operational landmines from Credit Suisse investors, which caused the price of Credit Suisse securities to be artificially inflated, but they also undertook actions indicating that Credit Suisse securities were substantially undervalued, such as a massive stock buy-back program worth 1.5 billion Swiss francs worth (equivalent to $1.6 billion).
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. Following a series of corporate scandals which have revealed grave deficiencies in Credit Suisse’s risk and compliance activities, the price of Credit Suisse ADRs plummeted, reaching a low of just $10.60 per ADR by March 31, 2021.
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 action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Credit Suisse class action lawsuit or have questions concerning your rights regarding the Credit Suisse class action lawsuit, please provide your information here or contact counsel, Brian E. Cochran of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Credit Suisse class action lawsuit must be filed with the court no later than June 15, 2021.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For eight consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. 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.