Press release
Lawsuit filed for Investors who lost money with shares of Credit Suisse Group AG (NYSE: CS)
A lawsuit was filed on behalf of investors in Credit Suisse Group AG (NYSE: CS) shares over alleged securities laws violations.
Investors who purchased shares of Credit Suisse Group AG (NYSE: CS) have certain options and for certain investors are short and strict deadlines running. Deadline: May 8, 2023. NYSE: CS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
In October 2022, Credit Suisse began experiencing a sharp increase in customer outflows, or withdrawals of client funds, after a series of quarterly losses and risk and compliance failures significantly decreased the Company's American Depositary Share ("ADS") price.
On December 2, 2022, following large client withdrawals and significant losses, Credit Suisse's Chairman Axel Lehmann advised investors that as of November 11, 2022, customer outflows had "basically stopped". Then, on February 9, 2023, Credit Suisse reported its annual financial results and admitted to large customer outflows through year-end 2022.
On February 9, 2023, Credit Suisse announced its 2022 financial results. The announcement revealed that large customer outflows had continued through year-end 2022. Specifically, the announcement reported customer outflows of 110.5 billion Swiss francs in the final three months of 2022, a figure which far exceeded market expectations.
Then, on February 21, 2023, Reuters reported that the Swiss Financial Market Supervisory Authority was reviewing Lehmann's previous comments regarding customer outflows.
Shares of Credit Suisse Group AG (NYSE: CS) declined from over $10 per share in early 2022 to as low as $1.75 per share on March 15, 2023.
According to the complaint the plaintiff alleges on behalf of purchasers of Credit Suisse Group AG (NYSE: CS) common shares between December 1, 2022 and February 17, 2023, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 1, 2022 and February 17, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that: (i) contrary to Defendant Lehmann's representations in December 2022, the sharp increase in customer outflows Credit Suisse began experiencing in October 2022 remained ongoing; (ii) accordingly, Credit Suisse had downplayed the impact of the Company's recent series of quarterly losses and risk and compliance failures on liquidity and its ability to retain client 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.
Those who purchased shares of Credit Suisse Group AG (NYSE: CS) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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