Investors with losses are encouraged to contact the firm before June 15, 2021; click here to submit trade information
LOS ANGELES, June 14, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Credit Suisse Group AG (NYSE: CS) investors that acquired shares between October 29, 2020 and March 31, 2021. Investors have until June 15, 2021 to seek an active role in this litigation.
It is alleged in this complaint that Credit Suisse issued materially false and misleading statements in regard to their business metrics and financial prospects. Specifically, Credit Suisse concealed material defects in Credit Suisse’s risk policies and procedures, as well as compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, which exposed Credit Suisse to billions of dollars in losses. As a result of Credit Suisse’s false statements, their 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 in relation to the collapse of its Greensill-linked funds, as well as the implosion of total return swap positions the company had entered into with Archegos. Grave deficiencies were revealed by these corporate scandals in Credit Suisse’s risk and compliance activities, which caused the price of Credit Suisse ADRs to plummet, by March 31, 2021 reaching a low of just $10.60 per ADR.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 15, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.