NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Credit Suisse Group AG (“Credit Suisse” or the “Company”) (NYSE:CS) of the February 20, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Credit Suisse American Depositary Receipts (“ADRs”) between March 20, 2015 and February 3, 2016 and would like to discuss your legal rights, click here: www.faruqilaw.com/CS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Credit Suisse ADRs between March 20, 2015 and February 3, 2016 (the “Class Period”). The case, City of Birmingham Firemen's and Policemen's Supplemental Pension System v. Credit Suisse Group AG et al, No. 1:17-cv-10014 was filed on December 22, 2017, and has been assigned to Judge Richard Joseph Sullivan.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (1) the Company’s risk protocols and control systems were routinely disregarded; (2) the Company was accumulating billions of dollars of risky, highly illiquid securities in violation of those risk protocols; and (3) as a result, the Company’s statements about its business, operations, and risk controls were false and misleading and/or lacked a reasonable basis.
Specifically, on February 4, 2016, Credit Suisse announced its Fourth Quarter and Full Year 2015 financial results. Therein, Credit Suisse’s global markets group reported an adjusted pre-tax loss of $686.35 million, with $632 million attributable to write-downs from sales of illiquid securities. In addition, Tidjane Thiam, Credit Suisse’s recently-appointed Chief Executive Officer, admitted that these risky and outsized investments were only allowed because trading limits were continuously raised, which enabled traders to take larger and larger positions in violation of the Company’s publicly-touted risk policies.
On this news, Credit Suisse’s ADR price fell from $16.69 per share on February 3, 2016 to a closing price of $14.89 on February 4, 2016—a $1.80 or a 10.78% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Credit Suisse’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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